If during the year total assets increase by $75,000 and total liabilities decrease by $16,000, by how much did owner's equity increase/decrease?
A) $59,000 decrease
B) $75,000 increase
C) $91,000 increase
D) $91,000 decrease
Correct Answer:
Verified
Q27: If the income statement covered a six-month
Q28: When equipment is purchased on credit,
A)assets increase
Q29: If a business receives $5,000 on account
Q30: The income statement shows:
A)revenue and owner's equity.
B)the
Q31: Amounts that a business must pay in
Q33: If a business issues a check for
Q34: When the owner invests equipment in a
Q35: The Income Statement shows:
A)the financial position of
Q36: The owner's investment or equity in a
Q37: The balance sheet shows:
A)all revenues and expenses.
B)the
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