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Determine the company owner equity at December

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Problem - Furyk Company opened business as a sole proprietorship on January 1, 2016. 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 2016. Determine the company's owner's equity at December 31, 2016?

Reference no: EM132866776

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