Michael mcnamee is the proprietor of a property management company, apartment exchange, near the campus of penscola state college. the business has cash of $8,000 and furniture that cost $9,000 and has a market value of $13,000. the business debts include accounts payable of $6,000. michael's personal home is valued at $400,000, and his personal bank account has a balance of $1,200. identify the principle or assumption that best matches the situation:
a. michael's personal assets are not recorded on the apartment exchange's balance sheet.
b. the apartment exchange records furniture at its cost of $9,000, not its market value of $13,000.
c. the apartment exchange reports its financial statements in u. s. dollars.
d. michael expects the apartment exchange to remain in operations for the foreseeable future.