Chase Starts a New Auto Detailing Business

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