John Hansen owns Hansen Sporting Goods, a retail store organized as a sole proprietorship. He also owns

Question:

John Hansen owns Hansen Sporting Goods, a retail store organized as a sole proprietorship. He also owns a home that he purchased for $250,000 but that is worth $300,000 today. (Hansen has a $140,000 mortgage against this house.) Explain how this house and mortgage should be classified in the of Hansen Sporting Goods
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...