The following table shows the assets and liabilities of the smith family in 2005 and 2009.

2005
-home valued at $200,000
-car loan of $8,000
-car valued at $25,000
-mortgage of $30,000

2009
-home valued at $180,000
-home equity loan of $18,000
-car valued at $18,000
-boat valued at $20,000
-personal loan of $5,000

based on the table, which of the following is true?
a. from 2005 to 2009, both assets and liabilities decreased.
b. from 2005 to 2009, both assets and liabilities increased.
c. from 2005 to 2009, assets decreased and liabilities increased.
d. from 2005 to 2009, assets increased and liabilities decreased.

Answer-

From 2005 to 2009, both assets and liabilities decreased.

Hint-

An asset is something that you own, can provide future economic benefits. e.g Cash, inventory, accounts receivable, land, buildings, etc

A liability is your obligation, either money that must be paid or services that must be performed.

Solution-

Total assets in 2005 = home value + car value = 200,000 + 25,000 = $225,000

Total liabilities in 2005 = car loan + mortgage = $38,000

Total assets in 2009 = home value + car value + boat value = 180,000 + 18,000 + 20,000 = $218,000

Total liabilities in 2009 = home equity loan + personal loan = 18,000 + 5,000 = $23,000

∴ From the calculation, it was obtained that the assets were decreased(as 218,000<225,000) and the liabilities were decreased(as 23,000<38,000).

ill make this easier

Step-by-step explanation:

on edge the answer is A because i literally just took it and got it wrong so yea that should be all you need good luck guys

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