Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000 Had Solway been a partnership rather than a sole proprietorship, and the two equal partners were Joe and his brother Tom, how would the $50,000 owners equity be presented in the companys balance sheet...

The partners equity section of the balance sheet would have been ...

Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000. Had

Question:

Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000. Had Solway been a rather than a sole proprietorship, and the two equal partners were Joe and his brother Tom, how would the $50,000 owners’ equity be presented in the company’s balance sheet?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...