Author Question: Chase starts a new auto detailing business. He obtains a loan for 10,000 and uses the funds to build ... (Read 95 times)

lak · **on:** Jul 14, 2018

Chase starts a new auto detailing business. He obtains a loan for 10,000 and uses the funds to build a small workshop in his backyard and to buy tools and supplies. At this point, his assets are _____, liabilities are _____, and owners' equity is _____.
A) 10,000; 5000; 15,000
B) 10,000; 10,000; 0
C) 5000; 0; 5000
D) 15,000; 10,000; 0
E) 10,000; 5000; 5000

Question 2

A restaurant wait staff that reports to a floor manager who reports to the restaurant manager is a clear example of a(n) _____ organizational structure.
A) matrix
B) line
C) line-and-staff
D) informal
E) network