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9 September, 18:09

If total liabilities decreased by $24,119 during a period of time and stockholders' equity increased by $33,952 during the same period, the amount and direction (increase or decrease) of the periods change in total assets is a ___.

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  1. 9 September, 18:41
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    An increase of $9,833

    Explanation:

    The accounting equation defines the relationship between the elements of the balance sheet. These are the asset, liabilities and equity. It is given as

    Assets = Liabilities + Equity

    Given that total liabilities decreased by $24,119 during a period of time and stockholders' equity increased by $33,952 during the same period,

    Effect on asset

    = - $24,119 + $33,952

    = + 9833

    The amount and direction (increase) of the periods change in total assets is an increase of $9833.
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