If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000

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If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is
a. $23,000 increase
b. $47,000 decrease
c. $71,000 decrease
d. $71,000 increase
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Intermediate Accounting

ISBN: 9787300071374

3rd Edition Vol. 1

Authors: Kin Lo, George Fisher

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