Koko and Moko both enjoy sunshine, water, and surfboards. Thus, the two friends decided to create a business together renting surfboards, paddle boats, and inflatable devices in Florida. Koko and Moko will equally share in the decision making and in the business profits or losses. Which type of business did they create if they both have full personal liability for the firm's debt?

a.

Limited partnership

b.

Joint stock company

c.

General partnership

question 2

Monster Cars has total assets of $98,300, net working capital of $10,300, owners' equity of $41,600, and long-term debt of $38,600. What is the value of the current assets?

a.

$18,100

b.

$28,400

c.

$28,300