The revenues and expenses of sentinel travel agency service for the year ended August 31, follow

Particulars	Amount$
Fees earned	7,98,055
Office Expense	1,83,555
Miscellaneous expense	15,960
Wages Expense	3,83,065

Prepare a statement of owner's equity for the year ended august 31,2019. Barb Schroeder, the owner, invested an additional $47,900 in the business during the year and withdrew cash of $30,300 for personal use.Barb Schroeder,capital as of september1,2018 was $2,15,000

Expert Solution

Calculation of Net income (loss)

Net income(loss) = Fees earned - Office Expense - Miscellaneous Expense - Wages Expense

= $7,98,055 - $1,83,555 - $15,960 - $3,83,065

=$2,15,475

Sentinel Travel Service

Statement of Owner's Equity

For the year ended August 31,2019

Particulars	Amount$
Beginning Owner's Capital	2,15,000
Investments	47,900
Net income	2,15,475
Less : Withdrawal	30,300
Ending capital balance	4,48,075

Statment of owner's equity for the year ended August 31,2019 is $4,48,075

balaji rao answered 2 years ago

The revenues and expenses of sentinel travel service for the year ended august 31,2019 follows

The revenues and expenses of sentinel travel service for the year ended august 31,2019 followsParticularsAmount$Fees earned7,50,000Office expense2,95,000Miscellaneous expense12,000Wages expense4,50,000Prepare an income statement for the year ended august 31,2019

The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed...

The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below. Fees earned $816,295 Office expense 187,750 Miscellaneous expense 16,325 Wages expense 391,820 Accounts receivable 57,140 Accounts payable 20,405 Cash 150,870 Land 261,000 Supplies 9,795 Barb Schroeder, the owner, invested an additional $49,000 in the business during the year and withdrew cash of $31,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $220,000. Prepare a report form balance sheet as...

A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016,...

A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016, follows. The cash balance as of September 1, 2015, was $89,000. Cash flows Cash receipts: Cash received from customers $734,000 Cash received from additional investment of owner 36,000 Cash payments: Cash paid for operating expenses 745,600 Cash paid for land 50,000 Cash paid to owner for personal use 18,000 Prepare a statement of cash flows for Sentinel Travel Service for the year ended August...

The revenues and expenses of adventure travel service for the year ended april 30,2019

The revenues and expenses of adventure travel service for the year ended april 30,2019ParticularsAmount$Fees earned 2,180,000Office expense4,00,000Miscellaneous expense25,000Wages expense1,300,000Prepare an income statement for the year ended april 30,2019

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees...

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $801,980 Office expense 184,455 Miscellaneous expense 16,040 Wages expense 384,950 Accounts payable 20,050 Accounts receivable 56,140 Cash 235,320 Common stock 135,000 Land 257,000 Supplies 9,625 Cash dividends of $30,500 were paid during the year. Retained earnings as of June 1, 20Y5, were $217,000. Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel...

Solve the follwing Problem Labels; Expenses For the Month Ended August 31, 2018 August 31, 2018...

Solve the follwing Problem Labels; Expenses For the Month Ended August 31, 2018 August 31, 2018 Accounts; Accounts payable Auto expense Cash Common stock Dividends Miscellaneous expense Rent expense Retained earnings Salaries expense Sales commissions Supplies Supplies expense Amount Descriptions; Change in retained earnings Net income Net loss Retained earnings, August 1, 2018 Retained earnings, August 31, 2018 Total assets Total expenses Total liabilities and stockholders’ equity Total stockholders’ equity On August 1, 2018, Brooke Kline established Western Realty. Brooke...

For the year ended December 31, 2021, Pearl Enterprises Ltd. had the following revenues and expenses:...

For the year ended December 31, 2021, Pearl Enterprises Ltd. had the following revenues and expenses: Sales, $740,000; Cost of Goods Sold, $425,000; Operating Expenses, $130,000; and Income Tax Expense, $33,500. The company also declared $25,000 of dividends to the common shareholders on December 27 to be paid on January 15, 2022. Prepare closing entries for Pearl on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...

A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016,...

A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows. The cash balance as of December 1, 2015, was $203,000. Cash Flows Cash receipts: Cash received from customers $1,465,000 Cash received from additional investment of owner 50,000 Cash payments: Cash paid for operating expenses 1,230,000 Cash paid for land 150,000 Cash paid to owner for personal use 30,000 Prepare a statement of cash flows for Ousel Travel Service for the year ended November...

The Daniel Insurance Agency reported revenues of $29,000 and expenses of $31,000 for the current period....

The Daniel Insurance Agency reported revenues of $29,000 and expenses of $31,000 for the current period. What was the final figure reported on the company’s income statement? Multiple Choice $2,000 net loss $2,000 net income $29,000 net income $31,000 net loss

Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018...

Labels: Current assets Current liabilities December 31, 2018 Expenses For the Year Ended December 31, 2018 Property, plant, and equipment Revenues Amount Descriptions: Book value-building Book value-equipment Change in retained earnings Net income Net loss Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total property, plant, and equipment Total revenues Total stockholders’ equity CHART OF ACCOUNTS Lamp Light Company General Ledger ASSETS 11 Cash...

Question