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October 25, 2014

Homework Help: accounting

Posted by tomika on Monday, April 7, 2008 at 10:56pm.

If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is ________.
$23,000 increase
$47,000 decrease
$71,000 decrease
$71,000 increase

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