Question
On January 2, Daniel Harrison contributed $20,300 to start his business. At the end of the year, the business had generated $30,300 in sales revenues,
On January 2, Daniel Harrison contributed $20,300 to start his business. At the end of the year, the business had generated $30,300 in sales revenues, incurred $18,150 in operating expenses, and distributed $5,300 for Daniel to use to pay some personal expenses. |
1. | Prepare a statement of owners equity, assuming this is a sole proprietorship. |
2. Prepare the owners equity section of the balance sheet, assuming this is a sole proprietorship.
3. Prepare the stockholders equity section of the balance sheet, assuming this is a corporation with no-par value stock.
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