The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned $1,150,000 Office expense 150,000 Miscellaneous expense 45,000 Wages expense 640,000 Kate Duffner invested an additional $15,000 in the business in exchange for common stock, and $50,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $775,000 as of September 1, 2015. Prepare a statement of stockholders' equity for the year ended August 31, 20Y6. If an amount box does not require an entry, leave it blank.
The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned $1,150,000 Office expense 150,000 Miscellaneous expense 45,000 Wages expense 640,000 Kate Duffner invested an additional $15,000 in the business in exchange for common stock, and $50,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $775,000 as of September 1, 2015. Prepare a statement of stockholders' equity for the year ended August 31, 20Y6. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The revenues and expenses of A-One Travel Service for the year ended August 31, 2016, follow:
Fees earned
$1,150,000
Office expense
150,000
Miscellaneous expense
45,000
Wages expense
640,000
Kate Duffner invested an additional $15,000 in the business in exchange for common stock, and $50,000 of dividends were paid during
the year. Common stock had a balance of $60,000 and retained earnings had a balance of $775,000 as of September 1, 2015.
Prepare a statement of stockholders' equity for the year ended August 31, 20Y6. If an amount box does not require an entry, leave it
blank.
A-One Travel Service
Statement of Stockholders' Equity
For the Year Ended August 31, 20Y6
Line Item Description
Common Retained.
Stock Earnings Total
ED
Transcribed Image Text:A-One Travel Service
Statement of Stockholders' Equity
For the Year Ended August 31, 20Y6
Line Item Description
Common Retained
Stock Earnings
100000
$
tA
LA
tA
Total
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