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Business
Accounting
Freeman Неyward Jones Ramirez Beginning of the year: Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 115,000 Expenses 240,000 128,000 122,500 128,000

Freeman Неyward Jones Ramirez Beginning of the year: Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 115,000 Expenses 240,000 128,000 122,500 128,000

FINANCIAL ACCOUNTING
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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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 attached four different
proprietorships:

Determine the missing amounts, identifying them by letter. (Hint: First,
determine the amount of increase or decrease in owner's equity during
the year.)

Freeman Неyward Jones Ramirez Beginning of the year: Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 115,000 Expenses 240,000 128,000 122,500 128,000
Transcribed Image Text:Freeman Неyward Jones Ramirez Beginning of the year: Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 115,000 Expenses 240,000 128,000 122,500 128,000
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