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.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 18E

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