Chapter 1, Problem P1.44APGA

To determine

Owner’s Equity:

Statement on owner’s Equity is the part of the financial statement which is prepared to calculate the owner’s equity in the organization. Owner’s Equity is the sum of Investment made by the owner as increased by the net income and subtracted by the withdrawals. Owner’s Equity at the end of a period can be calculated with the help of following formula:

  $\text{Owner’s Equity = Total Assets – Total Liabilities}$

Balance Sheet:

The Balance sheet shows the financial position of the organization at a particular date. It includes assets, liabilities and equity.

To prepare:

The Correct Balance sheet as on November 30, 2018.