Two items are omitted from each of the following summaries of balance sheet and income statement data
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Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2012, Gavin??s Goods and Floyd Enterprises.InstructionsDetermine the missingamounts.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Floyd Enterprises Gavin's Goods Beginning of year: $110,000 $129,000 (c) 80,000 Total assets Total liabilities 85,000 Total owner's equity End of year: (a) Total assets 160,000 180,000 Total liabilities 120,000 50,000 130,000 Total owner's equity Changes during year in owner's equity: Additional investment Drawings Total revenues 40,000 (b) 29,000 25,000 (d) 100,000 215,000 Total expenses 175,000 60,000
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a Total assets beginning of year 110000 Total liabilities beginning of year 85000 Total ow...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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