Amicho Deli had $94,000 of total assets and $10,000 of total stockholders' equity at July 31, 2016.
Question:
Amicho Deli had $94,000 of total assets and $10,000 of total stockholders' equity at July 31, 2016. At July 31, 2017, Amicho Deli had assets totaling $151,000 and stockholders' equity totaling $112,000.
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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