Type of Ownership Structure
Explain Whether the Financial Statement Excerpt

question 12

Essay

Type of ownership structure
Explain whether the financial statement excerpt below is from the financial statements of a corporation, a sole proprietorship, or a partnership:
$\begin{array}{llcc} \text { Abhrams, Capital............................ } & \$20,000 \\ \text { Johnston, Capital............................ } &25,000\\ \text {Zinck, Capital.................................. } &\underline{20,000}\\ \text { Total ..............................................} &\$65,000\\\end{array}$

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Definitions:

Shift in Demand

A change in the demand curve caused by factors other than the price of the good or service, leading to an increase or decrease in demand at every price.

Mass Transit

Public shared transportation systems, such as buses and trains, designed to move large numbers of people efficiently across urban and suburban areas.

Drilled Oil

Petroleum that has been extracted from the earth via drilling operations, a common method for obtaining crude oil.

Inferior Goods

Goods whose demand decreases when consumer income rises, opposite to normal goods, due to their lower quality.