Question: Missing Amounts fromBalance SheetandIncome StatementData One item is omitted in each of the following summaries of balance sheet and income statement data for the following

  1. Missing Amounts fromBalance SheetandIncome StatementData
  2. One item is omitted in each of the following summaries of balance sheet and income statement data for the following four differentproprietorships.
  3. FreemanHeywardJonesRamirezBeginning of the year:Assets$398,700$462,500$175,400(d)Liabilities239,200240,500133,300$218,900End of the year:Assets494,400647,500157,900452,400Liabilities215,300203,500140,300248,100During the year:Additional investment in thebusiness(a)92,50017,50073,000Withdrawals from the business27,90027,800(c)107,000Revenue131,600(b)201,800204,300Expenses71,800120,300215,700233,500
  4. Determine the missing amounts.
  5. Hint: First determine the amount of increase or decrease inowner's equityduring the year.
  6. Freeman:Additional investment in thebusiness$Heyward:Revenue$Jones:Withdrawals from the business$Ramirez:Assets$

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