Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2010, Craig Cantrel and Mills Enterprises.

Instruction:

Determine the missing amounts.
 

 

Transcribed Image Text:

Craig Cantrel Mills Enterprises Beginning of year: Total assets $ 95,000 $129,000 Total liabilities 85,000 (c) Total owner's equity End of year: Total assets (a) 80,000 160,000 180,000 Total liabilities 120,000 50,000 130,000 Total owner's equity Changes during year in owner's equity: 40,000 Additional investment (b) 24,000 25,000 (d) Drawings Total revenues Total expenses 215,000 175,000 100,000 55,000 Craig Cantrel Mills Enterprises Beginning of year: Total assets $ 95,000 $129,000 Total liabilities 85,000 (c) Total owner's equity End of year: Total assets (a) 80,000 160,000 180,000 Total liabilities 120,000 50,000 130,000 Total owner's equity Changes during year in owner's equity: 40,000 Additional investment (b) 24,000 25,000 (d) Drawings Total revenues Total expenses 215,000 175,000 100,000 55,000

Answer rating: 100% (QA)

Finding a Total owners Equity Total Assets total liabilities a 95000 85000 10000 80000 129000 C ... View the full answer