Answer:
Explanation:
The preparation of the report form balance sheet as of August 31, 2019 is presented below:
                                       Sentinel Travel Service 
                                  Report form balance sheet 
                               For the year ended August 31, 2019
Assets
Cash                                             $143,125
Account receivable                     $54,240
Supplies                                       $9,300      
Land                                             $248,000
Total assets                                 $454,665
Liabilities
Account payable                        $19,370
Owner equity
Ending capital                            $435,295
Total liabilities
And owners equity                    $454,665
The net income would be
= Fees earned - Office expense - Miscellaneous expense - Wages expense
= $774,800 - $178,205- $15,495 - $371,905 
= $209,195
And, the ending capital would be
= Opening capital - withdrawn amount + net income - additional cpiatl
= $209,000 - $29,400 + $209,195 + $46,500
= $435,295