2. If total assets decreased $600,000 and owner's equity increased $1,950,000 during the year, what is...

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2. If total assets decreased $600,000 and owners equity increased $1,950,000 during the year, what is the amount of total li

business accounting

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Answer 1

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Total Assets= Owners equity + Total liabilities Total Assets X Change $ (600,000) Owners Equity | Total liabilities Total A

If there is any change happened in total Assets, There will be a corresponding and equal change in Total Liabilities + Owner's equity.Here in this situation, The toal liability at the end of the year will be $ 2.550.000

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