Question: 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

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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