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On January 1, 2014, total assets for Liftoff Technologies were $125,000; on December 31, 2014, total ...

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On January 1, 2014, total assets for Liftoff Technologies were $125,000; on December 31, 2014, total ...

On January 1, 2014, total assets for Liftoff Technologies were $125,000; on December 31, 2014, total assets were $145,000. On January 1, 2014, total liabilities were $110,000; on December 31, 2014, total liabilities were $115,000. What are the amount of the change and the direction of the change in Liftoff Technologies shareholders' equity for 2014?
A) decrease of $15,000
B) increase of $15,000
C) increase of $30,000
D) decrease of $30,000

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Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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