Pam Sophly was reviewing her business activities at the end of the year (2009) and decided to prepare an Owner's Equity Statement. At the beginning of the year her assets were $500,000 and her liabilities were $200,000. At the end of the year the assets had grown to $950,000 but liabilities had also increased to $350,000. The net income for the year was $420,000. Pam had withdrawn $120,000 during the year for his personal use.
Prepare an Owner's Equity Statement in good form.

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The Answer of Pam Sophly was reviewing her business activities at the end of the year (2009) and decided to prepare an Owner's Equity Statement. At the beginning of the year her assets were $500,000 and her liabilities were $200,000. At the end of the year the assets had grown to $950,000 but liabilities had also increased to $350,000. The net income for the year was $420,000. Pam had withdrawn $120,000 during the year for his personal use.
Prepare an Owner's Equity Statement in good form.

Pam Sophly Was Reviewing Her Business Activities at the End