Which of the following is not true? Partnerships are not subject to double taxation, meaning that owners of a partnership will pay taxes only for personal income tax. After lending money to the firm, the debtholders immediately obtain ownership interests in the firm in exchange of the money they lent. Generally, debtholders have a higher priority over equity holders in liquidating the firm's assets (or going after the firm to recover its money) in case the firm goes bankrupt. The agency problem arises when the principal (i.e. the employer) hires someone to do certain job for him/her, and the employed person has an incentive to act in a manner that will hurt the principal's (employer's) interests. A firm has net working capital of $3,000, long-term debt of $10,500, total asset of $19,000, and fixed assets of $13,500. What is the amount of shareholder's equity? $2,500 $7,000 $6,000 We do not have sufficient information to answer this