Which of the Following Would Violate the Economic Entity Concept

Multiple Choice

Which of the following would violate the economic entity concept?

A) reporting amounts owed to the company's suppliers as a liability on the balance sheet.
B) reporting equipment owned and used in the business as an asset in the balance sheet.
C) reporting withdrawals by the owner as a drawing in the statement of owner's equity.
D) reporting the owner's personal sailboat as an asset on the balance sheet.