The balances of Ousel Travel Service\'s accounting equation items for the year e

Question

The balances of Ousel Travel Service's accounting equation items for the year ended November 30, 2016, are listed below. Shane Ousel invested an additional $37,600 in the business in exchange for common stock during the year and cash dividends of $17,000 were paid Common stock ($1 par value) and Retained earnings as of December 1, 2015, were $50,800 and $340,000, respectively Accounts Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Land Supplies $745,000 295,000 10,300 452,000 44,400 72,200 42,800 311,000 17,500

Explanation / Answer

Net income during the year Fees Earned 745,000 Less: Expense Office expense 295,000 Misc expense 10,300 Wages expense 452,000 Net operating income -12,300 Statement of retained earnings: Opening balance 340,000 Les: Net opearting loss -12300 Less: Dividend paid -17000 Closing balance of Retained earnings 310,700 Common Stockholders: Opening Common Stock in $ 50,800 Add: Issued during the month 37,600 Closing balance of Common Stock in $ 88,400

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