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
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 20P
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