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Question - If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
A)$10,000 increase
b)$20,000 increase
c)$10,000 decrease
d)$15,000 decrease
A company reported interest expense of $580,000 for the year. Interest payable was $30,000 and $70,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? $540,000. $650,000. $610,000. $620,000.
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