Chapter 11, Problem 6Q

To determine

Sole proprietorship: It is one form of simple business that is owned and maintained by a single person. Set up of very simple and taking care of business is very easy. Government provides tax advantages for these firms.

Corporation: A Business concern has a separate legal entity and is owned by shareholders are known as corporation. Transfer of ownership and raising funds are easy in this form of organization. No personal legal liability exists among the shareholders.

To describe: The difference between the balance sheet presentation for a corporation and proprietorship.