Statement of Owner's EquityThe revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:Fees earned $722,525Office expense 166,180Miscellaneous expense 14,450Wages expense 346,810Prepare 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.

Question

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.

Expert Answer

1 Rating

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Suppose your company reports $200 of net income and $48 of cash dividends paid, and its comparative ...

A: 1. Cash flow from operating activities include all activities that are required in the day to day op...

Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records ...

A: 1.Formula for Net pay as shown below:Net pay = Gross pay - (Employee income tax + FICA taxes) 

Q: Referring to the question E2-26A in the textbook named Managerial Accounting by Pearson- 5th edition...

A: Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for gener...

Q: Problem 14-5In each of the following independent cases, the company closes its books on December 31....

A: Amortization of bond: The process of allocation and reduction of the discount or premium on bonds to...

Q: Brief Exercise 13-1Blue Corporation uses a periodic inventory system and the gross method of account...

A: (a) (1) Prepare the journal entry to record the purchase of inventory:

Q: Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account....

A: Journal entry: The record of business transactions in a chronological order in the journal using deb...

Q: Sat 11:42 PM iew History Bookmarks Window Help v2.cengagenow.com Print Item Calculator eBook Asset t...

A: Fixed Asset turnover:  Fixed asset turnover is a ratio that measures the productive capacity of the ...

Q: exercise 12-7 Shown below are comparative balance sheets for Sandhill Company. Sandhill Company...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: LO 3,8 Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital ...

A: Provision of long-term capital gain as an individual. Long-term capital gain of $5,000 in 2017 is ta...

Q: Suivant SA’s ledger shows the following balances on December 31, 2019Share Capital, Preference, 5% $...

A: Dividend of each class of shares: Under Condition 1: One year’s dividends are in arrears on preferen...

Q: The Malaysian subsidiary of the PPC distributed and assembled electric motors. It also had limited m...

A: Computation of Investment:Initial Investment = Rs. 67.5 CrAdditional Investment = Rs. 30 Cr @ 10% p....

Q: Need Complete Explanation

A: Calcuation of share of loss by Partner Z. 

Q: Pearson Architectural Design uses a job-order costing system and applies studio overhead to jobs on ...

A: 1. Compute the predetermined overhead rate.

Q: Brief Exercise 15-11Indigo Inc. owns shares of Sweet Corporation stock. At December 31, 2017, the se...

A: Preparation of journal entries to record unrealized holding gain or loss as on September 21, 2018. W...

Q: 7LO 3Bank reconciliation Prepare a bank reconciliation as of October 31 from the following informati...

A: Bank Reconciliation statement identifies the difference between the cash balances as per Bank statem...

Q: Estimating Costs in an Uncertain Environment  Many companies face increasingly unpredictable costs a...

A: When the business is facing uncertain business enviornment, the factors be it revenue or expenditure...

Q: Carmen had worked for Sparrow Corporation for thirty years when she died of a heart attack at age 60...

A: In favour of the first question regarding whether the payments made by Sparrow Corporation must be t...

Q: Toxaway Company is a merchandiser that segments its business into two divisions—Commercial and Resid...

A: Since we only answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question ans s...

Q: Mario's Fencing has the following balance sheet: Assets Cash:  $100,000 Accounts Receivable: $300,0...

A: In the share split, the number of existing shares are split into two shares for each share. So, the ...

Q: During the year ended December 31, SC engaged in the following transactions involving notes payable....

A: Journal entries is recording the of the transaction in the accounting journal in a chronological ord...

Q: taxation business pass thru entitiesPlease help and show calculation

A: Net investment income is the income that is earned from investment assets such as mutual funds, loan...

Q: Calculate EPS and effect of stock split on EPS During the year ended December 31, 2017, Gluco, Inc.,...

A: Stock split: Stock Split is a method which changes the company’s total number of outstanding shares ...

Q: Identy the type(s) of gain or loss that would be recognized on the following asset sales as capital,...

A: Capital gain relates to profits on the sale of investments or real estateSec 1231 gains is computed ...

Q: Simko Company issued $630,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for...

A: Bonds are generally long-term debt. The company issue bonds for investment purpose and paid interest...

Q: I am resubmitting this question as the answer to number two is incorrect from the guidance I was giv...

A: Calculate the sales value for each component.

Q: Affordable Lawn Care, Inc., provides lawn mowing services to both commercial and residential custome...

A: Prepare an income statement, statement of retained earnings and balance sheet of Incorporation A for...

Q: I need help with questions 4/5/6A   Lou Barlow, a divisional manager for Sage Company, has an opport...

A: 4. Profitability index is measured by dividing the present value of the future cash flows by the ini...

Q: If the offer is accepted with unused capacity, fixed costs will not increase. The amount of the sale...

A: The question can be solved as follows :

Q: Which of the following is not an advantage of the corporate form of business? a. limited liability b...

A: Corporate is a popular form of business for the large and small industry. These types of business re...

Q: WHAT IS THE EQUITY INVESTMENT?

A: Equity: Equity refers to that part of the company’s capital which is raised by issuing equity shares...

Q: Which of the following statements is correct? When depreciable property is gifted to another indivi...

A: Depreciation recapture: Depreciation recapture is a method used by ISR (Internal Revenue Service) th...

Q: Can you explain the solution below ? how did they calculate the sales revenue ? It doesn't make sens...

A: This budget can be understood in the following manner :

Q: Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common ...

A: a. Record the purchase in a horizontal statements model.    

Q: How is the earned income credit determined?

A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal...

Q: The December bank statement and cash T-account for Stewart Company follow:   BANK STATEMENT D...

A: Bank Reconciliation statement Bank Reconciliation Statement is the statement which is prepared to ov...

Q: Suppose your company sells services of $260 in exchange for $175 cash and $85 on account. Depreciati...

A: 1.Cash flow from operating activities means the net cash inflow or outflow generated through day to ...

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following stat...

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income ...

Q: What should a MNC do to prevent bribery?

A: Bribery is the act of giving or receiving something of value in exchange for some kind of influence ...

Q: Nova Company's total overhead cost at various levels of activity are presented below Total Overhead ...

A: Variable cost vary with each unit of production. Fixed cost remain same irrespective of the level of...

Q: On January 1, 2019, Bailey Industries had shares outstanding as follows. 6% cumulative preference sh...

A: Click to see the answer

Q: Comdex Inc. manufactures parts for the telecom industry. One of its products that currently sells fo...

A: Calculate the desire profit of Comdex Incorporation.

Q: Shown below are comparative balance sheets for Sandhill Company. Sandhill CompanyComparative Bal...

A: Cash Flow Statements Cash flow statement provides information regarding cash generated or used durin...

Q: [The following information applies to the questions displayed below.]The December bank statement and...

A: Preparation of the adjusting journal entries after the reconciliation statement. We have,

Q: What is the difference between grease payment and bribery?  Is grease payment legal per FCPA and per...

A: Grease payment: A grease payment is a payment made to the international or government agencies to ge...

Q: On January 1, 2019, Bailey Industries had shares outstanding as follows.6% cumulative preference sha...

A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its c...

Q: *Problem 11-2A (Part Level Submission)   The stockholders’ equity accounts of Cheyenne Corp. on ...

A: Calculating the value of dividends paid to common stockholder. We have,The value of dividend paid to...

Q: Problem 12-3Information concerning Marigold Corporation’s intangible assets is as follows. 1. On Jan...

A: The amount of franchise fees to be capitalised is Initial fees on signing  -  $16,000Add :Present Va...

Q: Required information Problem 14-44 (LO 14-2) [The following information applies to the questions dis...

A: Dividend Income:It refers to any allocation of company incomes to shareholders from stocks or mutual...

Q: Flounder Windows manufactures and sells custom storm windows for three-season porches. Flounder also...

A: Revenue Recognition: As per the revenue recognition concept of accounting, the revenue of the busine...

Q: Exercise 8-5 Waterway Industries has accounts receivable of $98,600 at March 31, 2017. Credit terms...

A: Calculating the value of total estimated uncollectible. We have,