Greg Stewart was reviewing his business activities at the end of the year (February 28, 2013) and decided to prepare a Statement of Owner's Equity. At the beginning of the year, his assets were $500,000 and his liabilities were $150,000. At the end of the year the assets had grown to $950,000 but liabilities had also increased to $300,000. The profit for the year was $420,000. Greg had withdrawn $120,000 during the year for his personal use.
Instructions
Prepare a Statement of Owner's Equity in good form.

Question

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The Answer of Greg Stewart was reviewing his business activities at the end of the year (February 28, 2013) and decided to prepare a Statement of Owner's Equity. At the beginning of the year, his assets were $500,000 and his liabilities were $150,000. At the end of the year the assets had grown to $950,000 but liabilities had also increased to $300,000. The profit for the year was $420,000. Greg had withdrawn $120,000 during the year for his personal use.
Instructions
Prepare a Statement of Owner's Equity in good form.

Greg Stewart Was Reviewing His Business Activities at the End