Prepare a statement of owner equity

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Reference no: EM132719072

Question: Statement of Owner's Equity

Financial information related to Lost Trail Company, a proprietorship, for the month ended November 30, 2019, is as follows:

Net income for November$87,480Penny Beall's withdrawals during November9,620Penny Beall, capital, November 1, 2019667,500

a. Prepare a statement of owner's equity for the month ended November 30, 2019.

Lost Trail CompanyStatement of Owner's EquityFor the Month Ended November 30, 2019

b. Why is the statement of owner's equity prepared before the November 30, 2019, balance sheet?

The statement of owner's equity is prepared before the November 30, 2019, balance sheet because the account balance is needed for the balance sheet.

Reference no: EM132719072

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