Chad Jones established Jones' Cleaning Services, a sole proprietorship, by investing $1,000 on January 1, 2015. During the first year of operations, the business generated net income of $42,000. The owner withdrew cash for personal use. The ending balance of the capital account was $20,000. Prepare Jones' statement of owner's equity for the year ended December 31, 2015.

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The Answer of Chad Jones established Jones' Cleaning Services, a sole proprietorship, by investing $1,000 on January 1, 2015. During the first year of operations, the business generated net income of $42,000. The owner withdrew cash for personal use. The ending balance of the capital account was $20,000. Prepare Jones' statement of owner's equity for the year ended December 31, 2015.

Chad Jones Established Jones' Cleaning Services, a Sole Proprietorship, by Investing