Sole Proprietorship (Appendix)

Furyk Company opened business as a sole proprietorship on January 1, 2010. The owner contributed $500,000 cash on that date. During the year, the company had a net income of $10,000. The company purchased equipment of $100,000 during the year.

The owner also withdrew $60,000 to pay for personal expenses during 2010.

Required Determine the company’s owner’s equity at December 31, 2010.

AppendixLO1