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1. Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020,

1.

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Pharoah's Goods and Cullumber Enterprises. Determine the missing amounts.

Pharoah's Goods

Cullumber Enterprises

Beginning of year:

Total assets

$154,000 $180,600

Total liabilities

119,000 $enter a dollar amount (c)

Total owners equity

$enter a dollar amount (a) 112,000

End of year:

Total assets

224,000 252,000

Total liabilities

168,000 70,000

Total owners equity

56,000 182,000

Changes during year in owners equity:

Additional investment

$enter a dollar amount (b) 35,000

Drawings

51,800 $enter a dollar amount (d)

Total revenues

308,000 140,000

Total expenses

245,000 84,000

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