On January 2, Daniel Harrison contributed $20,000 to start his business. At the end of the year,

Question:

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 with no-par value stock?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...