Which of the Following Line Items Are Not Found on a Sole

question 147

Multiple Choice

Which of the following line items are not found on a sole proprietorship's statement of owner's equity?

• A)Withdrawals
• B)Retained Earnings
• C)Capital
• D)Net income

---

Definitions:

Useful Life

The estimated duration of time a fixed asset is expected to be economically useful to the owner, used for depreciation calculations and planning.

Insurance During Transit

A policy that provides coverage for goods against loss or damage while they are being transported.

Acquisition Cost

The total cost incurred for acquiring an asset, including purchase price, installation charges, and other associated expenses.

Sales Taxes

Taxes imposed on the sale of goods and services that are collected by retailers and passed on to the government.