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Upshaw Company Had a Balance of $160,000 in Sue Upshaw,Capital

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Upshaw Company had a balance of $160,000 in Sue Upshaw,Capital on December 31,2013.During 2014,the company reported a net income of $84,000 after taxes,and the owner withdrew $32,000,while making no additional investments.Prepare the company's statement of owner's equity for the year ended December 31,2014.

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Definitions:

Psychosexual Development

A Freudian concept that describes stages from infancy to adulthood in which pleasure is focused on specific bodily areas and conflicts arise that must be resolved.

Quantitative Advances

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Information-Processing Approach

The information-processing approach is a cognitive psychology theory that likens human thought processes to that of a computer, focusing on the way information is encoded, stored, and retrieved.

Qualitative

Pertaining to descriptions or distinctions based on qualities rather than on quantity or numerical measurements.

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