On January 2 Daniel Harrison contributed 20 000 to start
On January 2, Daniel Harrison contributed $ 20,000 to start his business. At the end of the year, the business had generated $ 30,000 in sales revenues, incurred $ 18,000 in operating expenses, and distributed $ 5,000 for Daniel to use to pay some personal expenses. Prepare
(a) A statement of owner’s equity, assuming this is a sole proprietorship;
(b) The owner’s equity section of the balance sheet, assuming this is a sole proprietorship; and
(c) The stockholder’s equity section of the balance sheet, assuming this is a corporation with no-par value stock.
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