Question

eBook Show Me How Calculator Missing Amounts from Balance Sheet and Income Statement Data Print Item One itern 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 $444,600 $506,800 $191,200 Liabilities 266,800 263,500 145,300 $242,100 End of the year: Assets 551,300 709,500 172,100 500,300 223,000 240,100 153,000 274,400 Liabilities During the year: 101,400 19,100 80,700 Additional investment in the business 30,400 31,100 118,400 (c) withdrawals from the business (b) 219,900 225,900 Revenue 131,800 80,000 235,200 258,200 Expenses 146,700 xer 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 Previous Ne more Check My Work uses remaining check My Work

Answer 1

Ans A Freemans additional investment in the business	97800
Stockholder Equity at the end	311200	( End assets - End liab)
Stockholder Equity at the beg	177800	( Beg assets - Beg liab)
`
Increase in equity	133400	Equity at the end - Equity at the beg)
Increase due to income	66700	( revenue - exp)
Increase due to additional investment less withdrawals	66700
Add withdrawals	31100
Additional investment in the business	97800
Ans B
Stockholder Equity at the end	486500
Stockholder Equity at the beg	243300
`
Increase in equity	243200
Additional investment in the business	101400
Withdrawals	30400
Increase due to additional investment less withdrawals	71000
Increase due to income	172200
Revenue - Exp= 172200
Revenue=	172200+131800
	304000
Heywards Revenue	304000
Ans C
Stockholder Equity at the end	19100
Stockholder Equity at the beg	45900
Decrease in equity	-26800
Decrease due to loss	-15300
Decrease due to additional investment less withdrawals	-11500
Additional investment in the business	19100
Withdrawals from the business	30600
Jones Withdrawals	30600
Ans D
Let Assets at the beg = X
Stockholder Equity at the end	225900
Stockholder Equity at the beg	X-242100
Increase/decrease in equity	225900+242100-X	468000
	468000-X
Additional investment in the business	80700
Withdrawals	118400
Decrease due to additional investment less withdrawals	-37700
Decrease due to income	-32300
Total decrease	-70000
468000-X	=	-70000
X	=	468000+70000
	=	538000
Therefore, assets=	538000
Ramirez, beg assets	538000

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