Multiple Choice
Sam 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
Correct Answer:

Verified
Correct Answer:
Verified
Q30: Owners' equity is the dollar value that
Q47: The total dollar amount of all goods
Q98: Which of the following statements is false?<br>A)
Q99: Jerand has written three books which have
Q101: The financial statement that provides information about
Q102: According to the accountant for Michael's Floral
Q107: During a recent board meeting of GHJ,Inc.,the
Q108: Ultra Big Corporation,Inc.is preparing its annual report
Q159: Numerical or verbal descriptions that usually result
Q226: Individuals or organizations outside of a company