Two items are omitted from each of the following summaries of balance sheet and income statement data
Question:
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2022, Sheffield's Goods and Oriole Enterprise.
Determine the missing amounts
Sheffield's Goods Oriole Enterprises
Beginning of the year
Total assets $142,516 $167,132
Total Liabilities $110,126 ?
Total owner's equity ? $103,648
End of year:
Total Assets $207,296 $233,208
Total liabilities $155,472 $64,780
Total Owner's equity $51,824 $168,428
Changes during the year in owner's equity equity?
Additional investment ? $32,390
Drawings $ $47,937 $ ?
Total revenues $ 285,032 $129,560
Total expenses $226,730 $77,736
Expert Answer:
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
