The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow: Fees earned $1,446,000 Office expense 301,000 Miscellaneous expense 34,000 Wages expense 825,000 Prepare a statement of owner’s equity for the year ended April 30, 20Y7. Jerome Foley, the owner, invested an additional $47,000 in the business during the year and withdrew cash of $32,000 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $647,000.
The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow: Fees earned $1,446,000 Office expense 301,000 Miscellaneous expense 34,000 Wages expense 825,000 Prepare a statement of owner’s equity for the year ended April 30, 20Y7. Jerome Foley, the owner, invested an additional $47,000 in the business during the year and withdrew cash of $32,000 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $647,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:
| Fees earned | $1,446,000 |
| Office expense | 301,000 |
| Miscellaneous expense | 34,000 |
| Wages expense | 825,000 |
Prepare a statement of owner’s equity for the year ended April 30, 20Y7. Jerome Foley, the owner, invested an additional $47,000 in the business during the year and withdrew cash of $32,000 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $647,000. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. If required, use the minus sign to indicate any decreases in equity.
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