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Farrah Company opened business as a sole proprietorship on January 1, 2012. The owner contributed $525,000 cash on that date. During the year, the companyhad a net income of $20,000. The company purchased equipment of $120,000 during the year. The owner also withdrew $75,000 to pay for personal expensesw during 2012.Determine the company's owner's equity at December 31, 2012.
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
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