What is the primary purpose of a Statement of Owner's Equity?

The primary purpose of a Statement of Owner's Equity is to summarize changes in owner's equity over a specific period of time. This financial statement provides a clear overview of how the equity of the owner's investment in the business has changed due to factors such as new investments, withdrawals, and retained earnings or losses.

In a funeral service context, understanding changes in owner’s equity is crucial for assessing how well the business is performing financially and the impact of various transactions on the owner's stake in the company. This statement helps stakeholders evaluate the financial well-being of the business and make informed decisions about future investments or operational changes.

The other options do not accurately reflect the focus of a Statement of Owner's Equity. While listing funeral services is important for business operations, it is not related to the owner’s equity. Similarly, assessing financial health is broader than just examining equity changes, and the recording of grief experiences does not pertain to financial statements at all.