During the current year,Sue Shells,Inc.'s total liabilities decreased by $50,000 and stockholders' equity increased by $10,000.By what amount and in what direction did Sue's total assets change during the same time period?
A)$40,000 increase
B)$40,000 decrease
C)$60,000 increase
D)$60,000 decrease

Question

Quizplus · Accepted Answer

Change in assets = Change in liabilities + Change in stockholders' equity
= ($50,000)+ $10,000 = ($40,000)

During the Current Year,Sue Shells,Inc