If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:

equity in the business increase by $22000

Explanation:

given

assets  increased = $89,000

liabilities increased =  $67,000

solution

equity in the business increase by $22000

because we know that by the accounting equation

assets is equal to liability + shareholder equity 1

so when assets is increase then increase in shareholder or liability or increase in combination or decrease in asset

so here given assets increase $89000

so it must be as per given liability increase by $67000

so balance will be = $89000- $67000 = $22000

it will either increase equity or the decrease in another assets

so here equity in the business increase by $22000

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

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