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23. There are two equity accounts reported on the SOCE of a sole proprietorship, namely, Owner, Capital and Owner, Drawings. * 1. The Statement of Financial Position (SFP) is a report based on the accounting equation: Assets - Liabilities = Equity. * (Owner's) 29. Paid-in capital is the amount of contributions given to the corporation in exchange for the shares of stock. *

23. There are two equity accounts reported on the SOCE of a sole proprietorship, namely, Owner, Capital and Owner, Drawings. * 1. The Statement of Financial Position (SFP) is a report based on the accounting equation: Assets - Liabilities = Equity. * (Owner's) 29. Paid-in capital is the amount of contributions given to the corporation in exchange for the shares of stock. *

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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True or False.

23. There are two equity accounts reported on the SOCE of a sole proprietorship, namely, Owner, Capital and Owner, Drawings. 1. The Statement of Financial Position (SFP) is a report based on the accounting equation: Assets - Liabilities = (Owner's) Equity. * 29. Paid-in capital is the amount of contributions given to the corporation in exchange for the shares of stock. * 25. The Drawing account is used for sole proprietorship, partnership, and corporation. 42. A common-size Statement of Comprehensive Income presents accounts expressed as a percentage of net income. * 8. The two formats of presenting the SFP will yield different amount of total assets, liabilities and equity. * 16. The two formats of presenting the SCI will yield the same amount of total assets, liabilities and equity.
Transcribed Image Text:23. There are two equity accounts reported on the SOCE of a sole proprietorship, namely, Owner, Capital and Owner, Drawings. 1. The Statement of Financial Position (SFP) is a report based on the accounting equation: Assets - Liabilities = (Owner's) Equity. * 29. Paid-in capital is the amount of contributions given to the corporation in exchange for the shares of stock. * 25. The Drawing account is used for sole proprietorship, partnership, and corporation. 42. A common-size Statement of Comprehensive Income presents accounts expressed as a percentage of net income. * 8. The two formats of presenting the SFP will yield different amount of total assets, liabilities and equity. * 16. The two formats of presenting the SCI will yield the same amount of total assets, liabilities and equity.
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