Question

The statement of owner's equity

• A. lists the assets that the owner can claim if the business fails
• B. determines the profit that is available to the owner
• C. a keeps a running total of the company's expenses and revenues
• D. describes changes in the owner's investment over time

Answer 1

I believe the answer is C. a keeps a running total of the company's expenses and revenues.

Step-by-step explanation:

• The statement of owner’s equity would calculate the ending balance in the equity account of $20,000 (0 + $15,000 + $10,000 – $5,000). This ending balance will be carried forward to the following year as the future beginning