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 Ramirez Beginning of the year: Assets Jones: Liabilities. End of the year: Assets Liabilities During the year: Additional investment in the business Withdrawals from the business Revenue Expenses 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 Ramirez: Withdrawals from the business Assets $531,200 $616,200 $249,700 (d) 318,700 320,400 189,800 $296,400 658,700 862,700 286,800 271,100 Jones (a) 37,200 175,300 95,600 $ 224,700 612,600 199,800 335,900 123,200 25,000 (c) 37,000 (b) 287,100 160,200 307,100 98,800 144,900 276,700 316,200
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 Ramirez Beginning of the year: Assets Jones: Liabilities. End of the year: Assets Liabilities During the year: Additional investment in the business Withdrawals from the business Revenue Expenses 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 Ramirez: Withdrawals from the business Assets $531,200 $616,200 $249,700 (d) 318,700 320,400 189,800 $296,400 658,700 862,700 286,800 271,100 Jones (a) 37,200 175,300 95,600 $ 224,700 612,600 199,800 335,900 123,200 25,000 (c) 37,000 (b) 287,100 160,200 307,100 98,800 144,900 276,700 316,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Liabilities
End of the year:
Assets
Liabilities
During the year:
Additional investment in the business
Withdrawals from the business
Revenue
Expenses
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:
Jones:
Ramirez:
Revenue
Withdrawals from the business
$531,200 $616,200 $249,700 (d)
318,700 320,400 189,800 $296,400
Assets
658,700 862,700
286,800 271,100
(a)
37,200
175,300
95,600
224,700 612,600
199,800 335,900
123,200
25,000
(c)
37,000
(b)
287,100
160,200 307,100
98,800
144,900
276,700
316,200
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