Owner contributions and retained earnings are combined in a single capital account on the balance sheets of .proprietorships.
A sole proprietorship, also known as a sole proprietorship, sole proprietorship, or sole proprietorship, is a form of business owned and operated by a single person where there is no legal distinction between owner and business entity. Sole proprietorships do not necessarily work alone and may employ other people.
Examples of sole proprietors include small businesses. B. A one-person art studio, grocery store, or IT consulting service. The moment you start offering goods and services to others, you become a sole proprietorship.
A sole proprietorship is a business owned and controlled by an individual, corporation, or limited liability partnership. The company has no partners. Sole proprietorship legal status can be defined as follows: It is not a legal entity separate from the business owner.
Learn more about proprietorships  here 
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Answer:
$7,202
Explanation:
Calculation for What should be the balance in Kent's deferred tax liability account as of December 31, 2021?
December 31, 2021 Deferred tax liability=$ 27,700 x 26%
December 31, 2021 Deferred tax liability=
 = $7,202
Therefore What should be the balance in Kent's deferred tax liability account as of December 31, 2021 is $7,202
 
        
             
        
        
        
C. They should take advice from experts if they lack knowledge about certain aspects of their business.