One item is omitted in each of the following summaries of balance sheet and income statement data
Question:
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:
Determine the missing amounts, identifying them by letter. First, determine the amount of increase or decrease in owner’s equity during the year.
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Freeman Heyward Jones Ramirez Beginning of the year: Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 240,000 (b) 115,000 115,000 Expenses 128,000 122,500 128,000
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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