When a companys total revenue decreases, the profits decrease which means it has less retained earnings for investments between the periods 2015 to 2019. This means the company will have to use debt funding to finance investments during this period proportion to equity as equity is costly to raise. Thus liabilities increase and equity decrease due to increasing funding from the reserves and debt. So lesser retained earnings, increased debt and larger use of reserve funding had increased liabilities and decreased total equity. Total equity can decrease also because of buy back of shares by the company using debt funding.
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