If the liabilities of a company increased $78,000 during a period of time and equity in the company decreased $21,000 during the same period, what was the effect on the assets?

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03-08-2022
Business

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If the liabilities of a company increased $78,000 during a period of time and equity in the company decreased $21,000 during the same period, what was the effect on the assets?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-15T02:00:35-04:00

If the liabilities of a company increased $78,000 during a period of time and equity in the company decreased $21,000 during the same period Assets would have increased $57,000.Liabilities are the legitimate debts that a business owes to other creditors. Accounts payable, notes payable, and bank debt are just a few examples.

Liabilities are a necessary component of operation and expansion for every business. A company's foundation is secure when liabilities and equity are properly balanced. Employee salary, mortgage and rent payments, rent or mortgage payments, credit card debt, short-term loans, and unpaid sales taxes are a few examples of current obligations.

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