Cornelia's Closet Has the Following Account Balances for the Dates

Cornelia's Closet has the following account balances for the dates given:
$\begin{array}{c}\begin{array}{lll}\\ \text {Cash....................................}\\ \text {Accounts Receivable............}\\ \text {Accounts payable.................}\end{array}\begin{array}{rr}\underline{\text { October 1} } &\underline{ \text { October31 }}\\\$ 40,000 & 60,000 \\40,000 & 38,000 \\6,000 & ? \end{array}\end{array}$

Also, its net income, for October 1 through October 31 was $20,000 and there were no investments or withdrawals by the owner. Determine the equity at both October 1 and October 31.