Tony Venato opened Tony's Best Brand Shop as a sole proprietorship by investing $10,000 on January 1,2017.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 31,2017.

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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 1,2017.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 31,2017.

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