One item is omitted in each of the following summaries of balance sheet and income statement data
Question:
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:
Determine the missing amounts, identifying them byletter.
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...
Transcribed Image Text:
Earth Pluto Neptune Mars Beginning of the year: Assets Liabilities End of the year: (d) $216,000 $250,000 $100,000 76,000 $120,000 350,000 110,000 268,200 117,000 248,000 136,000 90,000 80,000 Assets Liabilities During the year: Additional investment in the business 50,000 16,000 (b) (a) 14,400 10,000 (c) 115,000 122,500 40,000 Withdrawals from the business Revenue Expenses 112,000 128,000 71,190 38,880 64,000
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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