Essay
[APPENDIX] Fowler Company opened business as a sole proprietorship on January 1,2012.The owner contributed $525,000 cash on that date.During the year,the company had a net income of $20,000.The company purchased equipment of $120,000 during the year.The owner also withdrew $75,000 to pay for personal expenses during 2012.
REQUIRED:
Determine the company's owner's equity at December 31,2012.
Correct Answer:
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Initial investment $525,000
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