None Missing Amounts from Balance Sheet and Income Statement DataOne item is omitted in each of the following summaries of balance sheet and income statement data for the following four differentproprietorships:Beginning of the year:AssetsLiabilitiesEnd of the year:AssetsLiabilitiesDuring the year:Additional investment in the businessWithdrawals from the businessRevenueExpensesFreeman Heyward Jones Ramirez$900,000 $490,000 $115,000(p)360,000 260,000 81,000 $120,0001,260,000 675,000 100,000 270,000330,000 220,000 80,000 136,000(a) 150,000 10,00055,00075,00032,000(c)39,000570,000(b)115,000115,000240,000 128,000122,500 128,000Determine the missing amounts.Hint: First determine the amount of increase or decrease in owner's equity during the year.Freeman:Additional investment in the businessHeyward:RevenueJones:Withdrawals from the businessRamirez:Assets

Accounting equation is the basic equation followed by the entities for the purpose of making the…

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: 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 Freeman Heyward Jones Ramirez $900,000 $490,000 $115,000 (d) 360,000 260,000 81,000 $120,000 1,260,000 675,000 100,000 270,000 330,000 220,000 80,000 136,000 (a) 150,000 10,000 55,000 75,000 32,000 (c) 39,000 570,000 (b) 115,000 115,000 240,000 128,000 122,500 128,000 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 Jones: Withdrawals from the business Ramirez: Assets

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: 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 Freeman Heyward Jones Ramirez $900,000 $490,000 $115,000 (d) 360,000 260,000 81,000 $120,000 1,260,000 675,000 100,000 270,000 330,000 220,000 80,000 136,000 (a) 150,000 10,000 55,000 75,000 32,000 (c) 39,000 570,000 (b) 115,000 115,000 240,000 128,000 122,500 128,000 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 Jones: Withdrawals from the business Ramirez: Assets

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 20E

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