Dominic and Morgan Are Partners

question 37

Multiple Choice

Dominic and Morgan are partners. Dominic has a capital balance of $350,000 and Morgan has a capital balance of $245,000. Morgan sells $105,000 of his ownership to Lance. Which of the following is true of the items in balance sheet?

• A)The total equity decreases by $105,000.
• B)The total equity remains unchanged.
• C)Assets will decrease by $105,000.
• D)Assets will increase by $105,000.

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Sexism

Prejudice or discrimination based on a person's sex or gender, often resulting in unequal treatment.

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