Statement of Owner\'s Equity The revenues and expenses of Sentinel Travel Servic

Question

Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned Office expense Miscellaneous expense Wages expense $842,365 193,745 16,845 404,335 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $50,500 in the business during the year and withdrew cash of $32,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $227,000 Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019

Explanation / Answer

Statement of owners equity

         Beginning capital balance                                             227,000
Add: Income earned during the period

       (842,365-193,745-16,845-404,335) 2,27,440
Add: Owner contributions during the period 50,500

Less: Owner drawing during the period 32,000

Ending capital balance $472,940

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