Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 50

A Statement of owner's equity
Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner's equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional $50,000 in the business during the year and withdrew cash of $30,000 for personal use. Shane Ousel, capital as of December 1, 2015, was $666,000.
B Statement of owner's equity
Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner's equity for the year ended August 31, 2016. Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1,2015, was $380,000.