Question
instructions The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow. Accounts (revenue and expense items) Fees earned $1,475,000
instructions
The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow.
Accounts (revenue and expense items) | |
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Fees earned | $1,475,000 |
Office expense | 310,000 |
Miscellaneous expense | 27,000 |
Wages expense | 855,000 |
Prepare a statement of owners equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $67,000 in the business during the year and withdrew cash of $29,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $676,000. 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 owners equity, enter that amount as a negative number using a minus sign.
Labels and Amount Descriptions
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For the Year Ended November 30, 2016 | |||||||||||||||||||||||||||||||
Amount Descriptions | |||||||||||||||||||||||||||||||
Additional investment by owner during year | |||||||||||||||||||||||||||||||
Decrease in owners equity | |||||||||||||||||||||||||||||||
Increase in owners equity | |||||||||||||||||||||||||||||||
Less withdrawals | |||||||||||||||||||||||||||||||
Net income for the year | |||||||||||||||||||||||||||||||
Net loss for the year | |||||||||||||||||||||||||||||||
Plus withdrawals | |||||||||||||||||||||||||||||||
Shane Ousel, capital, December 1, 2015 | |||||||||||||||||||||||||||||||
Shane Ousel, capital, November 30, 2016 Prepare a statement of owners equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $67,000 in the business during the year and withdrew cash of $29,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $676,000. 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 owners equity, enter that amount as a negative number using a minus sign.
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