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 ________.

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

FredR · Accepted Answer

Decrease in liabilities of $71,000