Question

instructions
statement of owner’s equity
up - in - the - air travel service
statement of owner’s equity
for the year ended april 30, 20y7
1 jerome foley, capital, may 1, 20y6 \t\t$876,000.00
2 owner investments \t$52,000.00 \t
3 net income \t$391,000.00 \t
4 withdrawis \t$34,000.00 \t
5 increase in owner’s equity \t\t409,000.00
6 jerome foley, capital, april 30, 20y7 \t\t$1,285,000.00

Explanation:

Step1: Calculate total additions

$\$52,000.00 + \$391,000.00 = \$443,000.00$

Step2: Subtract withdrawals from additions

$\$443,000.00 - \$34,000.00 = \$409,000.00$

Step3: Compute ending capital

$\$876,000.00 + \$409,000.00 = \$1,285,000.00$

Answer:

The completed Statement of Owner's Equity confirms:

1. Increase in owner's equity: $\$409,000.00$
2. Jerome Foley, capital, April 30, 20Y7: $\$1,285,000.00$

All figures on the statement are mathematically verified as correct.