Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of

Question:

Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner's equity for the current year ended August 31, 2014. Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, 2013, was $380,000.