Question

eBook Show Me How Calculator Print Item Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees eamed Office expense Miscellaneous expense $898,710 206,705 17,975 431,380 Wages expense Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $53,900 in the business during the year and withdrew cash of $34,200 for personal use. Barb Schroeder, capital as of September 1, 2018, was $243,000. Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019 Check My Work more Check My Work uses remaining Previous Next >

Answer 1

Answer with working notes is given below

Sentinel Travel Services Statement of Owner's equity For the year ended August 31, 2019 Opening balance $243,000 Net Income $242,650 Additional capital $53,900 Cash withdrawal -$34,200 Net Change $262,350 Closing balance $505,350 Working note: $898,710 Net Income Fees earned Less: Expenses Office expense Miscellaneous expense Wage expense Total expenses Net Income $206,705 $17,975 $431,380 $656,060 $242,650