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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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