Question
On January 2, Daniel Harrison contributed $19,400 to start his business. At the end of the year, the business had generated $29,400 in sales revenues,
On January 2, Daniel Harrison contributed $19,400 to start his business. At the end of the year, the business had generated $29,400 in sales revenues, incurred $17,700 in operating expenses, and distributed $4,400 for Daniel to use to pay some personal expenses.
Required:
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Prepare a statement of owners equity, assuming this is a sole proprietorship.
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Prepare the owners equity section of the balance sheet, assuming this is a sole proprietorship.
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Prepare the stockholders equity section of the balance sheet, assuming this is a corporation with no-par value stock.
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