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19 February, 04:07

The total liabilities of Novak Corp. decreased by $97000 during the month of August 2022. Stockholders' equity increased by $43000 during this period. By what amount and in what direction must total assets have changed during August?

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  1. 19 February, 05:02
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    -$54,000

    Explanation:

    Data provided as per the question

    Decreased Liabilities = $97,000

    Stockholders' Equity = $43,000

    The computation of total assets is given below:-

    Total assets = Decreased Liabilities + Stockholders' Equity

    = - $97,000 + $43,000

    = - $54,000

    Therefore, to compute the total assets we simply add decreased liabilities with stakeholders' equity. So, the total assets is decreased.
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Home » Business » The total liabilities of Novak Corp. decreased by $97000 during the month of August 2022. Stockholders' equity increased by $43000 during this period. By what amount and in what direction must total assets have changed during August?
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