Given below is a balance sheet of Incrad Clothes, a partnership firm, as of December 31, 2013. With regard to the above table, which of the following statements is true?
A)The computer was purchased at a cost less than $15,000.
B)The bank loan of $25,000 is part of the Partner's equity.
C)Brad and Chad have limited liabilities for the partnership's debts because it is a limited liability company.
D)The current market value of the furniture is $12,000.

Question

Given below is a balance sheet of Incrad Clothes, a partnership firm, as of December 31, 2013.  With regard to the above table, which of the following statements is true?
A)The computer was purchased at a cost less than $15,000. 
B)The bank loan of $25,000 is part of the Partner's equity. 
C)Brad and Chad have limited liabilities for the partnership's debts because it is a limited liability company. 
D)The current market value of the furniture is $12,000.

Quizplus · Accepted Answer

The Answer of Given below is a balance sheet of Incrad Clothes, a partnership firm, as of December 31, 2013.  With regard to the above table, which of the following statements is true?
A)The computer was purchased at a cost less than $15,000. 
B)The bank loan of $25,000 is part of the Partner's equity. 
C)Brad and Chad have limited liabilities for the partnership's debts because it is a limited liability company. 
D)The current market value of the furniture is $12,000.

Given Below Is a Balance Sheet of Incrad Clothes, a Partnership