Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of

Question:

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.