Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner's equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000.
In Exercise 1-41
Fees earned ........................ $2,180,000
Office expense ..................... 400,000
Miscellaneous expense ............ 25,000
Wages expense ..................... 1,300,000