Assuming no other changes except a decrease in assets of $50,000, increase in liabilities of $10,000, and expenses of $60,000, by how much did stockholders' equity increase or decrease and what were revenues for the period?
A) Stockholders' equity increased $60,000; revenues were $120,000
B) Stockholders' equity decreased $60,000; revenues were $0
C) Stockholders' equity increased $40,000; revenues were $100,000
D) Stockholders' equity decreased $40,000; revenues were $100,000
Correct Answer:
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