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roblem 1-4A revenue as a tor He buys and sells properties on his own, and he also earns com- r 15,2016eal estate agent. He organized his business as a sole proprietorship on er the following facts as of November 30, 2016: on a note payable for some undeveloped land. This land had een acquired by the business for a total price/ Steeles business had spent of $70,000 $15,000 for a RE/MAX Ltd. real estate franchise, which enti- ed him to represent himself as a RE/MAX agent. RE/MAX is a national affiliation of dependent real estate agents. This franchise is a business asset. Steel in e owed $250,000 on a personal mortgage on his personal residence, which he acquired in 2001 for a total price of $500,000. teele had $25,000 in his personal bank account and $9,000 in his business bank account. Steele owed $1,000 on a personal charge account with Hudsons Bay The business acquired the company owed $3,000 on account at November 30. The real estate office had $500 worth of office supplies on hand on November 30. business furniture for $9,000 on November 25. Of this amount, equired Steele is concerned about liability exposure. Which proprietorship feature, if any, limi his personal liability? Identify the personal items given in the preceding facts that would not be reported in t financial records of the business. Prepare the balance sheet of the real estate business of Shawn Steele, Realtor November 30, 2016
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