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Prepare statement of owner equity for the month ended June

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Reference no: EM132874797

Problem - Statement of owner's equity - Financial information related to Lost Trail Company, a proprietorship, for the month ended June 30, 2012, is as follows:

Net income for June $125,000

Penny Beall's withdrawals during June 18,000

Penny Beall's capital, June 1, 2012 375,000

a. Prepare a statement of owner's equity for the month ended June 30, 2012.

b. Why is the statement of owner's equity prepared before the June 30, 2012, balance sheet?

Reference no: EM132874797

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