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Accounting

Q1. A company began the year with Assets of $100,000, Liabilities of $20,000 and Stockhoder's equity of $80,000. During the year Assets increaseds $55,000 and stockhoder's equity increased $20,000 What was the change in Liabilities for the year?

a) Increase of $75,000

b) Increase of $35,000

c) Decrease of $75,000

d) Decrease of $35,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91790185

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