Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $827,390 Office expense 190,300 Miscellaneous expense 16,550 Wages expense 397,145 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $49,600 in the business during the year and withdrew cash of $31,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $223,000. Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019 Barb Schroeder, capital, September 1, 2018 223,000 Additional investment by owner during the year $ 496,000 Net income for the year Withdrawals 31,400 Increase in owner's equity Barb Schroeder, capital, August 31, 2019

Statement of Owner's Equity The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $827,390 Office expense 190,300 Miscellaneous expense 16,550 Wages expense 397,145 Prepare a statement of owner's equity for the year ended August 31, 2019. Barb Schroeder, the owner, invested an additional $49,600 in the business during the year and withdrew cash of $31,400 for personal use. Barb Schroeder, capital as of September 1, 2018, was $223,000. Sentinel Travel Service Statement of Owner's Equity For the Year Ended August 31, 2019 Barb Schroeder, capital, September 1, 2018 223,000 Additional investment by owner during the year $ 496,000 Net income for the year Withdrawals 31,400 Increase in owner's equity Barb Schroeder, capital, August 31, 2019

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 40P

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