Using the following data for Ousel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:

Accounts payable                         $ 62,500
Accounts receivable                      186,000
Cash                                              308,000
Land                                              480,000
Supplies                                          16,500

Data From PE 1-5A:

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.

Statement of Owner's Equity From PE 1-4A:

Fees earned                                $1,475,000
Office expense                                 320,000
Miscellaneous expense                      28,000
Wages expense                                 885,000