Statement of owner's equity
Accounting Connection Information from Mrs. Shah's Cookies' statement of owner's equity for 2014 follows.
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Withdrawals
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$ 0
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Net income
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?
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Owner's equity, January 31, 2014
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159,490
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Owner's equity, January 31, 2013
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102,403
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Prepare Mrs. Shah's Cookies' statement of owner's equity. You will need to solve for the amount of net income. What is owner's equity? Why might the owner decide not to make any withdrawals from the company?