Question

Great Wall Chinese Cuisine had $93,000 of total assets and $31,000 of total shareholders’ equity at May 31, 2013. At May 31, 2014, Great Wall Chinese Cuisine had assets totaling $147,000 and shareholders’ equity totaling $87,000.
After analyzing the data, answer the following questions:
1. What was the amount of the increase or decrease in liabilities?
2. Identify a possible reason for the change in liabilities during the year.


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  • CreatedJuly 08, 2015
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