Question

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

Answer 1

Decrease in liabilities of $71,000