Statement of Owner's Equity Financial information related to Lost Trail Company, a proprietorship, for the month ended November 30, 2019, is as follows: Net income for November Penny Beall's withdrawals during November Penny Beall, capital, November 1, 2019 $81,540 8,970 622,200 a. Prepare a statement of owner's equity for the month ended November 30, 2019. Lost Trail Company Statement of Owner's Equity For the Month Ended November 30, 2019 Penny Beall, capital, November 1, 2019 Net income for November Withdrawals -9,070 Increase in owner's equity 73,360 Penny Beall, capital, November 30, 2019 b. Why is the statement of owner's equity prepared before the November 30, 2019, balance sheet? account balance is needed for the The statement of owner's equity is prepared before the November 30, 2019, balance sheet because the balance sheet