Pretend that you own a business- I chose a custom blacksmithing shop. The business will be a sole proprietorship with no employees.

1. list at least 3 asset accounts and 3 liabilities accounts you would expect your new business to have.
2. Lastly, assume you were to invest $50,000 into your new business venture. How would your ownership interest be presented in the equity section of the business balance sheet, specifically?

Answer rating: 100% (QA)

Asset Accounts Shop Equipment This would include all the tools and machinery specific to your blacks... View the full answer