If the Liabilities of a Business Increased $86,000 During a Period

question 21

Essay

If the liabilities of a business increased $86,000 during a period of time and equity in the business decreased $23,000 during the same period, enter the appropriate amounts reflecting this activity in the accounting equation format shown below.
$$\begin{array} { | c | c | c | } \hline \text { Assets } = & \text { Liabilities } + & \text { Equity } \\\hline & & \\\hline\end{array}$$

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Definitions:

Quality Control

The process of ensuring that products and services meet the required quality standards before they are delivered to the customer.

Quality Standards

Benchmarks or specific criteria that define the expected levels of product quality, customer service, and operational effectiveness in a business.

PERT

Program Evaluation and Review Technique; a planning and control tool used for defining and estimating project tasks.

Production Delays

Delays in the manufacturing or assembly process, which can lead to a slower time to market for products and potentially lost sales.