Instructions The revenues 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 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. 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 owner's equity, enter that amount as a negative number using a minus sign.
Instructions The revenues 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 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. 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 owner's equity, enter that amount as a negative number using a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Instructions
The revenues 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
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. 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 owner's equity, enter that
amount as a negative number using a minus sign.
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