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Which of the following is a key component of the balance sheet for a sole trader?

Practice Questions

1 question
Q1
Which of the following is a key component of the balance sheet for a sole trader?
  1. Drawings
  2. Sales Revenue
  3. Net Profit
  4. Cost of Goods Sold

Questions & Step-by-step Solutions

1 item
Q
Q: Which of the following is a key component of the balance sheet for a sole trader?
Solution: Drawings represent the amount taken out of the business by the owner and are a key component of the equity section of the balance sheet.
Steps: 0

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