Tony Venato opened Tony's Best Brand Shop as a sole proprietorship by investing $10,000 on
January 1, 2015. During the first year, the business earned revenues of $520,000 and incurred expenses of
$360,000. Tony withdrew $50,000 for personal use. Prepare Tony's statement of owner's equity for the year ended
December 31, 2015.

Question

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The Answer of Tony Venato opened Tony's Best Brand Shop as a sole proprietorship by investing $10,000 on
January 1, 2015. During the first year, the business earned revenues of $520,000 and incurred expenses of
$360,000. Tony withdrew $50,000 for personal use. Prepare Tony's statement of owner's equity for the year ended
December 31, 2015.

Tony Venato Opened Tony's Best Brand Shop as a Sole