Assignment:
Question 1. A company began the year with Assets of $100,000, Liabilities of $20,000 and Stockhoder's equity of $80,000. During the year Assets increaseds $55,000 and stockhoder's equity increased $20,000 What was the change in Liabilities for the year?
a) Increase of $75,000
b) Increase of $35,000
c) Decrease of $75,000
d) Decrease of $35,000