The revenues and expenses of Ousel Travel Service for the year ended November 30

Question

The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow. Accounts (revenue and expense items) Fees earned $1,475,000 Office expense 320,000 Miscellaneous expense 28,000 Wages expense 885,000 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. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

Explanation / Answer

Ousel Travel Services

Statement of Owners Equity

for the year ending 30th November, 2016

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