Question
The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow: Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000
The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:
Fees earned | $1,470,000 |
Office expense | 309,000 |
Miscellaneous expense | 26,000 |
Wages expense | 807,000 |
Prepare a statement of owners equity for the year ended April 30, 20Y7. Jerome Foley, the owner, invested an additional $49,000 in the business during the year and withdrew cash of $29,000 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $679,000. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. If required, use the minus sign to indicate any decreases in equity.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started