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: