6 Case Study: Statement of Changes in Owner's Equity

Calculate missing information on astatement of changes in owner's equity that isbeing prepared for a hypothetical business.

Statement of Changes

in Owner's Equity Beginning

Balance?

Net Income$22,000

Drawings$1,500

Ending Balance$76,500

What is the total beginning balance in the statement of changes in owner's equity that Tyler drafted for his shoe store, shown here?

• a.)
• $20,500
• b.)
• $56,000
• c.)
• $23,500
• d.)
• $53,000