Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner's equity for the current year ended April 30, 2014. Craig Daws, the owner, invested an additional $75,000 in the business during the year and withdrew cash of $66,000 for personal use. Craig Daws, capital as of May 1, 2013, was $300,000.
In Practice Exercise 1-4A
The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below.
Fees earned ............................. $1,673,000
Office expense ............................ 488,000
Miscellaneous expense .................... 34,000
Wages expense ........................... 660,000