Identify and briefly describe the three major forms of business ownership used in the United States.
Answer to relevant QuestionsWhat are the differences in owner liability in proprietorships and partnerships versus corporations? What is the purpose of the balance sheet? Briefly identify and describe the major types of assets and the claims of creditors and owners shown on the typical balance sheet. How are financial strategy and financial plans linked together? Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. Compare and contrast the two common-size balance sheets below. Which one do you think may belong to a supermarket? To a jeweler?
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