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
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

Labels

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.

Ousel Travel Service

Statement of Owners Equity

1
2
3
4
5
6
7