Question

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Nash's Goods and Blossom Enter oport Determine the missing amounts. Nash's Blossom Goods Enterprises Beginning of year: Total assets $110.000 $129,000 Total liabilities 85,000 %24 (c) Total owner's equity %24 (a) 80,000 End of year: Total assets 160,000 180,000 Total liabilities 120.000 50,000 Total owner's equity 40.000 130.000 Changes during year in owner's equity: Additional investment (b) 25,000 Drawings 37,000 (d) Total revenues 220.000 100,000 Total expenses 175.000 60.000 e Textbook and Media Attempts: 0 of 3 used Save or Laer Submit

Determine the missing amounts

Answer 1

		Nash's Goods	Blossom Enterprises
	Beginning of year:
	Total assets	$110,000	$129,000
	Total liabilities	$85,000	$49,000
	Total owner's equity	$25,000	$80,000
	End of year:
	Total assets	$160,000	$180,000
	Total liabilities	$120,000	$50,000
	Total owner's equity	$40,000	$130,000
	Change during year in owner's equity
	Additional Investment	$7,000	$25,000
	Drawings	$37,000	$15,000
	Total revenue	$220,000	$100,000
	Total expenses	$175,000	$60,000
(a)	Total owner's equity = $110,000 - $85,000
(b)	Total liabilities = $129,000 - $80,000
(c)	Additional Investment = $25,000 + ($220,000 - $175,000) -$37,000
(d)	Drawings = $80,0000 + ($100,000 - $60,000) + $25,000 - $130,000