The financial statement that shows the beginning balance of owner's equity;the changes in equity that resulted from new investments by the owner,net income (or net loss);withdrawals;and the ending balance,is the:
A)Statement of financial position.
B)Statement of cash flows.
C)Balance sheet.
D)Income statement.
E)Statement of owner's equity.

Question

Quizplus · Accepted Answer

The statement that describes the changes in owner's equity from the beginning to the end of the period is called Statement of Owner's Equity. It presents the initial amount of owner's equity, any contributions made by the owner, net income or net loss for the period, any withdrawals made by the owner, and the final balance of owner's equity. Therefore, option E is the correct answer.

The Financial Statement That Shows the Beginning Balance of Owner's