Chase Starts a New Auto Detailing Business

question 75

Multiple Choice

Chase starts a new auto detailing business. He obtains a loan for $10,000 and uses the funds to build a small workshop in his backyard and to buy tools and supplies. At this point, his assets are _____, liabilities are _____, and owners' equity is _____.

• A) $10,000; $5000; $15,000
• B) $10,000; $10,000; $0
• C) $5000; $0; $5000
• D) $10,000; $5000; $5000

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Definitions:

Species

The basic unit of biological classification, defined as a group of individuals that can interbreed and produce fertile offspring.

X-ray Diffraction

X-ray diffraction is a technique used to study the atomic and molecular structure of materials by observing the patterns formed by the diffraction of X-rays through the material.

Rosalind Franklin

Rosalind Franklin was a British chemist and X-ray crystallographer whose work was critical in understanding the molecular structures of DNA, RNA, viruses, coal, and graphite.

DNA

Deoxyribonucleic acid, a molecule that contains the instructions an organism needs to develop, live, and reproduce.