Gail Stocken was reviewing her business activities at the end of the year 2022 and decided to prepare an Owner's Equity Statement. At the beginning of the year, her assets were $485,000 and her liabilities were $210,000. At the end of the year, the assets had grown to $750,000 but liabilities had also increased to $380,000. The net income for the year was $220,000. Gail had withdrawn $125,000 during the year for her personal use.
Prepare an owner's equity statement in good form.

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The Answer of Gail Stocken was reviewing her business activities at the end of the year 2022 and decided to prepare an Owner's Equity Statement. At the beginning of the year, her assets were $485,000 and her liabilities were $210,000. At the end of the year, the assets had grown to $750,000 but liabilities had also increased to $380,000. The net income for the year was $220,000. Gail had withdrawn $125,000 during the year for her personal use.
Prepare an owner's equity statement in good form.

Gail Stocken Was Reviewing Her Business Activities at the End