If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000

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If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period change in total assets is:

a.$106,000 increase

b.$14,000 increase

c.$14,000 decrease

d.$106,000 decrease

Related Book For answer-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Posted Date: Feb 06, 2022 09:07 PM

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If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000

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Expert Answer:

Answer option B 14000 increase Since the basic accounting equation is Total assets Total ... View the full answer

Financial and Managerial Accounting the basis for business decisions

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