Furyk Company opened business as a sole proprietorship on January 1, 2014. The owner contributed $500,000 cash
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Furyk Company opened business as a sole proprietorship on January 1, 2014. 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 2014.
Required
Determine the company’s owner’s equity at December 31, 2014.
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Related Book For 
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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