Cornelia's Closet has the following account balances for the dates given: 
Also, its net income, for October 1 through October 31 was $20,000 and there were no investments or withdrawals by the owner. Determine the equity at both October 1 and October 31.
Definitions:
Analyze
To examine something methodically and in detail, typically for purposes of explanation and interpretation.
Economic Models
Simplified representations of complex economic processes or systems used to analyze economic activities and predict outcomes.
Details
Specific pieces of information or characteristics about something.
Scientific Method
A systematic and logical approach to discovering how things in the universe work, involving observation, experimentation, and hypothesis testing.
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