Question

eBook Show Me How Calculator Print Item The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below. Fees earned $934,280 Office expense 214,885 Miscellaneous expense 18,685 Wages expense 448,455 Accounts receivable 65,400 Accounts payable 23,355 Cash 172,600 Land 299,000 Supplies 11,210 Barb Schroeder, the owner, invested an additional $56,100 in the business during the year and withdrew cash of $35,500 for personal use. Barb Schroeder, capital as of September 1, 2018, was $252,000 Prepare a report form balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity, Sentinel Travel Service Balance Sheet August 31, 2019 Previous Next > 307 PM Check My Work more Check My Work uses remaining

Answer 1

Solution

Sentinel Travel Service
Balance Sheet
August 31, 2019
Assets:
Cash	$	1,72,600.00
Accounts Receivable	$	65,400.00
Supplies	$	11,210.00
Land	$	2,99,000.00
Total Assets	$	5,48,210.00
Liabilities:
Accounts Payable	$	23,355.00
Owner's Equity:
Capital	$	5,24,855.00
Total Liabilities and Owner's Equity	$	5,48,210.00

Calculation for Owner's Capital:

Opening Balance		$ 2,52,000.00
Additional Investment		$     56,100.00
Withdrawals		$   -35,500.00
Profit/(Loss) during the year
Fees Earned	$   9,34,280.00
Office Expenses	$ -2,14,885.00
Miscellaneous Expenses	$     -18,685.00
Wages Expenses	$ -4,48,455.00	$ 2,52,255.00
Capital		$ 5,24,855.00