Question

4. Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000.
a. 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 company’s balance sheet?
b. Solway Company is organized as a corporation with capital stock of $40,000. How would the
$50,000 of owners’ equity be presented in the company’s balance sheet?

Answer 1

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