Chase Invests $5,000 of His Own Money in His New

question 84

Multiple Choice

Chase invests $5,000 of his own money in his new auto detailing business. He then obtains a loan and builds a small workshop in his backyard for $10,000. At this point assets are ____, liabilities are ____, and owners' equity is ____.

• A) $10,000; $5,000; $15,000
• B) $15,000; $10,000; $5,000
• C) $5,000; $0; $5,000
• D) $15,000; $10,000; $0
• E) $10,000; $5,000; $5,000

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A method or evaluation to determine the moral principles governing a person's behavior or the conducting of an activity.

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Practical judgment concerning everyday matters, or a basic ability to perceive, understand, and judge in a manner that is shared by (common to) nearly all people.

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