accounting

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

  1. 👍
  2. 👎
  3. 👁
  1. Decrease in liabilities of $71,000

    1. 👍
    2. 👎

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