v2cengagenowcom Statement of ownerts The reverves and of Ous

v2.cengagenow.com Statement of owner\'ts The reverves and of Ousel Travel Service for the year ended November 30, 2016, ollow erses Accounts (revenue and expense items) Fees earned Office expense $1,475,000 320,000 28.000 885.000 Wages expense Prepare a statement of owner\'s equity for the year ended November 30, 2016 Shane Ousel, the owner, invested an addition 50,000 im iness during the year and wilhdrow cash of 530,000 for personal use Shane Ousel, capital as of Deceme 2015 was $666,000. Reter to he lists of Labels and Amount Descriptions for the exact wording of the answer choices for te entries Be sure to complete the statement heading anet loss is incurred or there is a decrease in owner\'s equity, enter th anount as a negalive number using a minus sign The

Solution

Ousel Travel Service Income Statement For the Year Ended Nov 30, 2016 Revenues Fees Earned    1,475,000.00 Less: Expenses: Office Expenses    320,000.00 Miscellaneous Expenses      28,000.00 Wages Expenses    885,000.00    1,233,000.00 Net Income        242,000.00 Ousel Travel Service Statement of Owners\' Equity For the Year Ended Nov 30, 2016 Shane Ousel Capital - Dec 1, 2015        666,000.00 Additional Investment by Owner      50,000.00 Net Income    242,000.00        292,000.00 Sub-total        958,000.00 Less: Withdrawls        (30,000.00) Shane Ousel Capital - Nov 30, 2016        928,000.00