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.

Prepare a statement of owner’s equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $37,000 in the business during the year and withdrew cash of $19,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $380,000. 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.

Accounts (revenue and expense items) Fees earned $746,500 Office expense 295,700 Miscellaneous expense 10,400 Wages expense 450,200

Explanation / Answer

working note:

first we shall prepare an income statement ot know the net income of Shane ousel.

Ousel Travel service.

Income statement

Year ended November 30, 2016.

Ousel Travel service

Statement of owner's equity

Year ended November 30,2016.

Revenue: Service revenue $746,500 Expenses: office expense $295,700 miscelleneous expense 10,400 wages expense 450,200 - 756,300 Net income - $9,800

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