
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Statement of Owner's Equity
The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:
Fees earned $722,525
Office expense 166,180
Miscellaneous expense 14,450
Wages expense 346,810
Prepare a statement of owner’s equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $43,400 in the business during the year and withdrew cash of $27,500 for personal use. Barb Schroeder, capital as of September 1, 2018, was $195,000.
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Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.
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