Terry Woods opened Par Golf as a sole proprietor by investing $50,000 cash on January 1, 2014.

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Terry Woods opened Par Golf as a sole proprietor by investing $50,000 cash on January 1, 2014. Because the business was new, it operated at a net loss of $10,000 for 2014. During the year, Terry withdrew $20,000 from the business for living expenses. Terry also had $4,000 of interest income from sources unrelated to the business.


Required
Present the Owner’s Equity category of Par Golf’s balance sheet as of December 31, 2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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