Multiple Choice
Dominic and Morgan are partners.Dominic has a capital balance of $340,000 and Morgan has a capital balance of $225,000.Morgan sells $95,000 of his ownership to Lance.Which of the following is true of the items in balance sheet?
A) The total equity remains unchanged.
B) Assets will decrease by $95,000.
C) The total equity decreases by $95,000.
D) Assets will increase by $95,000.
Correct Answer:
Verified
Correct Answer:
Verified
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