Prepare a statement of owner equity for the year

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Reference no: EM132728674

There venues and expenses of Adventure Travel Service for the year ended April 30, 2019, follow:
Accounts (revenue and expense items)

Fees earned $2,180,000

Office expense 400,000

Miscellaneous expense 25,000

Wages expense 1,300,000

Problem 1: Prepare a statement of owner's equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000.

Reference no: EM132728674

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