The balances of Ousel Travel Service’s accounting equation items for the year en

Question

The balances of Ousel Travel Service’s accounting equation items for the year ended November 30, 2016, are listed below. 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.

Accounts

Accounts

Fees earned $1,475,000 Office expense 320,000 Miscellaneous expense 28,000 Wages expense 885,000 Accounts payable 62,500 Accounts receivable 186,000 Cash 308,000 Supplies 16,500 Land 480,000 else Week 1, Ch. 1 GHA R Show Me Howco 1PF 1-1 A Instructions Labels and Amount Descriptions Balance Sheet H.1-1 ALGO The ttades tr Oupel Trare Serice's sccountry equ?on trma tcr the ended November 30, 2016 are lsted below sane Labcla 5. PE.1-3A G PC.14.A T. PE.1 4Ago 51,450 Total xarsas B35.000 62.500 126002 Accaunt: pya ccaunis rcchzbl 11 FF 1-H Ay Suppe 12. PE.1-7.A 14. PE. 1-8.A 15. EX1-1 17. EX13 18 EX 1-4 Scuru: OTS 9 LX14.ALGO Progress: 10135 Items Assqnment Score: 25.71% for Grading O lype hene to search

Explanation / Answer

A balance sheet as of November 30, 2016. Assets Accounts Receivables $186,000.00 Cash $308,000.00 Supplies $16,500.00 Land $480,000.00 Total Assets $990,500.00 Liabilities and Equity Accounts Payable $62,500.00 Shane Ousel, capital $686,000.00 Retained Earnings $242,000.00 Total Liabilities and Owner's Equity $990,500.00 Working Calculation of net income earned Fees Earned $1,475,000.00 Less : Expenses - Office Expenses $320,000.00 - Mise.expenses $28,000.00 - Wages Expenses $885,000.00 Net Income earned $242,000.00

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