Question 1
Owner's equity is:
◦ considered a debt on a balance sheet
◦ also called stockholder's equity
◦ the amount of clear ownership or owner's rights to the properties
◦ all of these pertain to owner's equity
Question 2
The balance sheet contains these three elements of a business:
◦ assets, liabilities, and total sales
◦ assets, liabilities, and owner's equity
◦ liabilities, capital, and cost of goods sold
◦ assets, total sales, and net income