Multiple Choice
Rick and Joe get together and start a mortgage brokerage business. They each contribute $25,000 of capital to the business. After the first year of operation, the total owners' equity is listed as $60,000. Most likely, the additional $10,000 of owners' equity is
A) common stock.
B) long-term liabilities.
C) current liabilities.
D) retained earnings.
E) a bank loan.
Correct Answer:
Verified
Correct Answer:
Verified
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