Assuming no other changes except a decrease in assets of $20,000, increase in liabilities of $10,000, and expenses of $60,000, by how much did owners' equity increase or decrease and what were revenues for the period?
A) Owners' equity increased $30,000; revenues were $90,000
B) Owners' equity decreased $30,000; revenues were $30,000
C) Owners' equity increased $10,000; revenues were $70,000
D) Owners' equity decreased $10,000; revenues were $70,000
Correct Answer:
Verified
Q44: The entry to record the payment of
Q45: The following are all essential parts of
Q46: Miles Motor Supplies had the following transactions
Q47: On May 1, James Corporation had total
Q48: On June 30, the balances in the
Q50: Which of the following types of accounts
Q51: Assuming that capital stock increased $5,000, net
Q52: A book of original entry is called
Q53: When cash dividends are paid,
A) Assets are
Q54: Which of the following is the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents