Cornelia's Closet Has the Following Account Balances for the Dates

Short Answer

Cornelia's Closet has the following account balances for the dates given:
$\begin{array}{rr}&\text { October 1 } & \text { October 31 } \\\hline \text { Cash...... }&\$ 40,000 & 60,000 \\\text { Accounts Receivable }&40,000 & 38,000 \\\text { Accounts payable }&6,000 & ?\end{array}$
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.