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    Statement of owners equity.

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    Trying to prepare a statement of owners equity.
    Assets 50,000
    Liabilities 20,000
    Assets 70,000
    Liabilities 35,000

    Owners equity
    Investments 0
    withdrawals by owner 40,000

    Income statement
    Revenues 230,000
    Expense ?

    DID this company earn a net income or suffer a net loss?

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    Solution Preview

    Begining owners Equity=Assets-Liability=50000-20000=30000
    Ending Owners Equity=70000-35000=35000

    Statment of owner's equity
    Begining owners ...

    Solution Summary

    Solution contains statement of owners equity.