
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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