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Three advantages of owning a sole proprietorship 1. 2. 3. Three disadvantages of owning a sole proprietorship 1. 2. 3. Does not need to follow the generally accepted accounting principles (GAAP). Easy to organize. No continuous life or transferability of ownership. No income tax on net income. No stockholders to notify nor are there are articles of incorporation to file. The owner pays taxes on proprietorship's earnings since it is not a separate tax entity. Unification of ownership and management. Unlimited liability of owner. Seal Away Handyman Services has total assets for the year of $20,700 and total liabilities of $11,180. Requirements 1. Use the accounting equation to solve for equity. 2. If next year's assets increased by $4,000 and equity decreased by $4,500, what would be the amount of total liabilities for Seal Away Handyman Services? For each user of accounting information, identify if the user would use financial accounting or managerial accounting. More info