Missing Amounts from Balance Sheet and Income Statement Data

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships.

			Freeman		Heyward		Jones		Ramirez
	Beginning of the year:
		Assets	$390,500		$449,100		$171,800		(d)
		Liabilities	234,300		233,500		130,600		$214,400
	End of the year:
		Assets	484,200		628,700		154,600		443,100
		Liabilities	210,900		197,600		137,400		243,000
	During the year:
		Additional investment in the business	(a)		89,800		17,200		71,500
		Withdrawals from the business	27,300		26,900		(c)		104,800
		Revenue	128,800		(b)		197,600		200,100
		Expenses	70,300		116,800		211,300		228,700

Determine the missing amounts.

hint First determine the amount of increase or decrease in owner's equity during the year.

Freeman:	Additional investment in the business	$
Heyward:	Revenue	$
Jones:	Withdrawals from the business	$
Ramirez:	Assets	$

Ratio of Liabilities to Stockholders' Equity

The Builder's Outlet, is the world's largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Builder's Outlet operates over 2,200 Builder's Outlet^® stores that sell a wide assortment of building materials and home improvement and lawn and garden products.

Builder's Outlet reported the following balance sheet data (in millions):

	Year 2		Year 1
Total assets	$73,080		$49,300
Total stockholders' equity	31,500		34,000

a. Determine the total liabilities at the end of Years 2 and 1.

Year 2	$ million
Year 1	$ million

b. Determine the ratio of liabilities to stockholders' equity for Year 2 and Year 1. Round your answers to two decimal places.

Year 2
Year 1

Answer rating: 100% (QA)

ANSWER Owners Equity Assets Liabilities Ending Owners Equity Beginning Owners Equity Additional Inve... View the full answer