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: $ 900,000 $490,000 Assets $115,000 (d) Liabilities 360,000 260,000 $120,000 81,000 End of the year: Assets 675,000 1,260,000 100,000 270,000 Liabilities 136,000 330,000 220,000 80,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business (c) 39,000 75,000 32,000 Revenue (b) 115,000 570,000 115,000 Expenses 240,000 128,000 122,500 128,000 Determine the missing amounts, identifying them by letter. (Hint First, determine the amount of increase or decrease in owner's equity during the year.)

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: $ 900,000 $490,000 Assets $115,000 (d) Liabilities 360,000 260,000 $120,000 81,000 End of the year: Assets 675,000 1,260,000 100,000 270,000 Liabilities 136,000 330,000 220,000 80,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business (c) 39,000 75,000 32,000 Revenue (b) 115,000 570,000 115,000 Expenses 240,000 128,000 122,500 128,000 Determine the missing amounts, identifying them by letter. (Hint First, determine the amount of increase or decrease in owner's equity during the year.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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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 $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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