If total assets decreased by $30,000 during a specific period and stockholders' equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase.

Name: If total assets decreased by $30,000 during a specific period and stockholders' equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase.
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Question

Quizplus · Accepted Answer

Assets = Liabilities + Stockholders' Equity
-$30,000 = Liabilities + (-$35,000)
Liabilities = +$5,000

If Total Assets Decreased by $30,000 During a Specific Period