E1-11 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. Gavin's Floyd Goods Enterprises Beginning of year: Total assets $110,000 $129,000 Total liabilities 85,000 Total owner's equity (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 29,000 (d) Total revenues 215,000 100,000 Total expenses 175,000 60,000 Instructions Determine the missing amounts. $110,000 $85,000 Hint: this was calcu Exercise 1-11, p. 37 Use the calculations set up below to find the missing amounts (a) Total assets (beginning of year) Minus: Total liabilities (beginning of year) Equals: Total owner's equity (beginning of year) (b) Additional investments is one of the components that makes up owner's equity. If all of the other components are known, Additional investments can be calculated Here is the computation for owner's equity; solve for Additional investment Beginning owner's equity Plus: Additional investment Minus: Drawings Plus: Net income Equals: Ending owner's equity (c) Total assets (beginning of year) Minus: Total owner's equity (beginning of year) Equals: Total liabilities (beginning of year) This one is similar to (b), except that Drawing is the unknown. Using the owner's equity calculation from above, solve for drawings Beginning owner's equity Plus: Additional investment Minus: Drawings Plus: Net income Equals: Ending owner's equity $29,000 Hint: this is revenue $40,000 $129,000 $80,000 d) $80,000 $25,000 $130,000