The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,775 on January 1, 2019, and $50,725 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
|451||Sales Returns and Allowances||4,150||Dr.|
|503||Purchases Returns and Allowances||3,400||Cr.|
|614||Store Supplies Expense||2,110||Dr.|
|617||Depreciation Expense—Store Equipment||1,310||Dr.|
|640||Payroll Taxes Expense||4,000||Dr.|
|643||Depreciation Expense—Office Equipment||370||Dr.|
|646||Uncollectible Accounts Expense||520||Dr.|
The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts. No additional investments were made during the period.
|301||Bridget Swanson, Capital||$||61,760||Cr.|
|302||Bridget Swanson, Drawing||41,200||Dr.|
Net income for the year $48,875.
Prepare a statement of owner's equity for the year ended December 31, 2019.