Financial information related to Pegasus Products Company, a proprietorship, for the month ended April 30, 20Y7, is

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Financial information related to Pegasus Products Company, a proprietorship, for the month ended April 30, 20Y7, is as follows:

Net income for April ...............................................................    $161,000 

Brian Walinsky's withdrawals during April ..........................        24,000 

Brian Walinsky's capital, April 1, 2017 ..................................     373,000

a. Prepare a statement of owner’s equity for the month ended April 30, 20Y7.
b. Why is the statement of owner’s equity prepared before the April 30, 20Y7, balance sheet?

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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