Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows:

Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows:

Doug Stone, Capital Doug Stone, Drawing

Apr. 30 31,200 May 1 (2018) 475,500 Sept. 30 1,250 Apr. 30 5,000

   30 5,000 Dec. 31 1,250

Mar. 31 1,250

June 30 1,250

Prepare a statement of owner’s equity for the year.

Answers:

Doug Stone, capital, May 1, 2018$475,500

Net loss$(31,200)

Withdrawals(5,000)

Decrease in owner’s equity(36,200)

Doug Stone, capital, April 30, 2019$439,300