Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $827,390 Office expense 190,300 Miscellaneous expense 16,550 Wages expense 397,145 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $49,600 in the business during the year and withdrew cash of $31,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $223,000. Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019 Barb Schroeder, capital, September 1, 2018 223,000 Additional investment by owner during the year $ 496,000 Net income for the year Withdrawals 31,400 Increase in owner's equity Barb Schroeder, capital, August 31, 2019

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 5PEA: Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a...
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looking for the net income of the year

Statement of Owner's Equity
The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:
Fees earned
$827,390
Office expense
190,300
Miscellaneous expense
16,550
Wages expense
397,145
Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $49,600 in the
business during the year and withdrew cash of $31,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $223,000.
Sentinel Travel Service
Statement of Owner's Equity
For the Year Ended August 31, 2019
Barb Schroeder, capital, September 1, 2018
223,000
Additional investment by owner during the year
$ 496,000
Net income for the year
Withdrawals
31,400
Increase in owner's equity
Barb Schroeder, capital, August 31, 2019
Transcribed Image Text:Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $827,390 Office expense 190,300 Miscellaneous expense 16,550 Wages expense 397,145 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $49,600 in the business during the year and withdrew cash of $31,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $223,000. Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019 Barb Schroeder, capital, September 1, 2018 223,000 Additional investment by owner during the year $ 496,000 Net income for the year Withdrawals 31,400 Increase in owner's equity Barb Schroeder, capital, August 31, 2019
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