**Determine the Missing Amounts**This exercise involves calculating missing amounts in financial statements for three companies: Oriole, Pharoah, and Sheridan. The task is to find missing values using the formula: \[ \text{Assets} - \text{Liabilities} = \text{Owner's Equity} \]### Oriole Company- **January 1, 2022** - Assets: $78,000 - Liabilities: $49,000 - Owner's Equity: (a) $29,000- **December 31, 2022** - Assets: (b) $111,000 - Liabilities: $59,000 - Owner's Equity: $52,000 - Owner's Equity Changes in Year: - Additional Investment: - Drawings: $18,000 - Total Revenues: $348,000 - Total Expenses: $331,000### Pharoah Company- **January 1, 2022** - Assets: $89,000 - Liabilities: (d) $48,000 - Owner's Equity: $41,000- **December 31, 2022** - Assets: $106,000 - Liabilities: $75,000 - Owner's Equity: (e) $31,000 - Owner's Equity Changes in Year: - Additional Investment: (c) $2,000 - Drawings: (f) $12,000 - Total Revenues: $413,000 - Total Expenses: $382,000### Sheridan Company- **January 1, 2022** - Assets: (g) $132,000 - Liabilities: $84,000 - Owner's Equity: $48,000- **December 31, 2022** - Assets: $189,000 - Liabilities: (h) $111,000 - Owner's Equity: $78,000 - Owner's Equity Changes in Year: - Additional Investment: $10,400 - Drawings: $12,100 - Total Revenues: (i) $343,100 - Total Expenses: $351,000To solve for the unknowns,

Name: **Determine the Missing Amounts**This exercise involves calculating m
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Description: **Determine the Missing Amounts**This exercise involves calculating missing amounts in financial statements for three companies: Oriole, Pharoah, and Sheridan. The task is to find missing values using the formula: \[ \text{Assets} - \text{Liabilitie

Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner of the business. It increases on the additional investment made by the owner. Also when the business made any profit in the business it increases. It decreases with the withdrawal made by the owner for personal use. Also when the business made loss from the business it decreases.1. Computation of Missing Figures - Accounting Equation - Assets = Liabilities + Equity. Owner' Equity Changes - Owner's Equity, Beginning + Additional Investment - Drawings + Net Income = Owner's Equity, Ending.

Business

Accounting

Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities - Owner's equity = $29,000.) January 1, 2022 Assets Liabilities Owner's equity December 31, 2022 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses Oriole Company $78,000 49,000 59,000 52,000 18,000 348,000 331,000 (a) (b) (c) Pharoah Company $89,000 41,000 106,000 75,000 6,000 413,000 382,000 (d) (e) (f) $ Sheridan Company 84,000 48,000 189,000 78,000 10,400 12,100 351,000 (1) (h)

Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities - Owner's equity = $29,000.) January 1, 2022 Assets Liabilities Owner's equity December 31, 2022 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses Oriole Company $78,000 49,000 59,000 52,000 18,000 348,000 331,000 (a) (b) (c) Pharoah Company $89,000 41,000 106,000 75,000 6,000 413,000 382,000 (d) (e) (f) $ Sheridan Company 84,000 48,000 189,000 78,000 10,400 12,100 351,000 (1) (h)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities = Owner's equity = $29,000.) January 1, 2022 Assets Liabilities Owner's equity December 31, 2022 Assets Liabilities Owner's equity Owner's equity changes in year Additional investment Drawings Total revenues Total expenses Oriole Company $78,000 49,000 29,000 (a) 111,000 (b) 59,000 52,000 24,000 (c) 18,000 348,000 331,000 Pharoah Company $89,000 48,000 (d) 41,000 106,000 75,000 31,000 6,000 47,000 413,000 382,000 (e) (f) $ Sheridan Company 132,000 84,000 48,000 111,000 189,000 [ 78,000 10,400 382,700 12,100 351,000 (i) (g) (h) [ [
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