If total liabilities decreased by $15,000 and owner's equity decreased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
A) $20,000 increase
B) $10,000 increase
C) $20,000 decrease
D) $10,000 decrease

Question

Quizplus · Accepted Answer

The Answer of If total liabilities decreased by $15,000 and owner's equity decreased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
A) $20,000 increase
B) $10,000 increase
C) $20,000 decrease
D) $10,000 decrease

If Total Liabilities Decreased by $15,000 and Owner's Equity Decreased