Question

The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow....

The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow.

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

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.

Homework Answers

Answer #1

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.

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

Ousel Travel service

Statement of owner's equity

Year ended November 30,2016.

Shane ousel capital 12/1/15 380,000
additional investment 37,000
net loss - 9,800
27,200
drawings - 19,000
Increase in owners equity 8,200
Shane ousel capital 11/30,/16 388,200
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