If Total Liabilities Decreased By $20,000 During A Period Of Time And Owner's Equity Increased By $40,000 During The Same Period | Fill In The Blank
Solution To The Problem The answer of this short question is that total assets increased by $20000 as decrease in total liabilities (-$20000) plus increased in Owner’s Equity (+$40000) equal to increase in total assets by $20000 during the same accounting period as it is proved from Accounting Equation as shown below: Assets = Liabilities + Owner’s Equity Change In Assets = -$20000 + (+$40000) Change / Increase In Total Assets = $20000 Increase