Given Below Is a Balance Sheet of Incrad Clothes, a Partnership

question 1

Multiple Choice

Given below is a balance sheet of Incrad Clothes, a partnership firm, as of December 31, 2013. With regard to the above table, which of the following statements is true?

• A) The computer was purchased at a cost less than $15,000.
• B) The bank loan of $25,000 is part of the Partner's equity.
• C) Brad and Chad have limited liabilities for the partnership's debts because it is a limited liability company.
• D) The current market value of the furniture is $12,000.

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