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Accounting (Text Only)
Statement of owner’s equity
Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $50,000 in the business during the year and withdrew cash of $30,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $666,000.
Statement of owners’ equity:
This statement reports the beginning owner’s equity and all the changes which led to ending owners’ equity. Additional capital, net income from income statement is added to and drawings are deducted from beginning owner’s equity to arrive at the end result, ending owner’s equity.
To prepare: Statement of Owners’ Equity of OT Service for the year ended November 30, 2016
Prepare statement of owners’ equity of AT Service for the year ended November 30, 2016.
| OT Service | ||
| Statement of Owners’ Equity | ||
| For the Year Ended November 30, 2016 | ||
| SO capital, December 1, 2015 | Â | $666,000 |
| Additional investment by owner | $50,000 | Â |
| Net income for the year | 242,000 | Â |
| Withdrawals | (30,000) | Â |
| Increase in owners’ equity |  | 262,000 |
| SO capital, November 30, 2016 | Â | $928,000 |
Table (1)
Working Notes:
Prepare income statement for OT Service for the year ended November 30, 2016...
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