The balance sheet of Incrad Clothes,LLC,as of December 31,2017 is presented below.
Which of the following statements is true regarding Incrad's balance sheet?
A) The computer was purchased at a cost less than $15,000.
B) The bank loan of $25,000 should be considered 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.
Correct Answer:
Verified
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