Part 4: Analyzing Items in the Financial Statement

Balance sheets do not always balance once they are prepared, and income statements do not always contain correct account data. This can cause havoc across the accounting department and requires the accountant to locate the missing or incorrect data. Financial statement preparation will be an important skill during this process, as you will discover when you determine the missing amounts in the statement in this part of the assessment.

Use the Assessment 2, Part 4 template to complete Part 4 of the assessment. In each of the two sets of organization financial statement information provided in the template, two items have been omitted. Analyze the financial statements to determine the missing amounts and fill them in on the template to complete the financial statement information. Be sure to show your work in the space provided under the table in the template.

BUS-FP3061 Assessment 2, Part 4 Template BUS-FP3061 - Fundamentals of Accounting Instructions In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries ($) Jones Chips, Inc. ($) Beginning of year: Total assets 110,000 129,000 85,000 ? ? 80,000 Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total equities 40,000 130,000 ? 25,000 29,000 ? Total revenues 215,000 100,000 Total expenses 175,000 60,000 Total liabilities Total equities End of year: Changes during the year in equities: Additional owner investment Owner's withdrawals Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 5/23/2016 10:42 PM 1