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Sole Proprietorship (Appendix) Furyk Company opened business as a sole proprietorship on January 1, 2010. The owner contributed $500,000 cash on that date. During the year, the company had a net income of $10,000. The company purchased equipment of $100,000 during the year. The owner also withdrew $60,000 to pay for personal expenses during 2010.

Required
Determine the company's owner's equity at December 31, 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91886660

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