Question
Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement
Missing Amounts from Balance Sheet and Income Statement Data
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships.
Freeman | Heyward | Jones | Ramirez | |||||||
Beginning of the year: | ||||||||||
Assets | $390,500 | $449,100 | $171,800 | (d) | ||||||
Liabilities | 234,300 | 233,500 | 130,600 | $214,400 | ||||||
End of the year: | ||||||||||
Assets | 484,200 | 628,700 | 154,600 | 443,100 | ||||||
Liabilities | 210,900 | 197,600 | 137,400 | 243,000 | ||||||
During the year: | ||||||||||
Additional investment in the business | (a) | 89,800 | 17,200 | 71,500 | ||||||
Withdrawals from the business | 27,300 | 26,900 | (c) | 104,800 | ||||||
Revenue | 128,800 | (b) | 197,600 | 200,100 | ||||||
Expenses | 70,300 | 116,800 | 211,300 | 228,700 |
Determine the missing amounts.
hint First determine the amount of increase or decrease in owner's equity during the year.
Freeman: | Additional investment in the business | $ |
Heyward: | Revenue | $ |
Jones: | Withdrawals from the business | $ |
Ramirez: | Assets | $ |
Ratio of Liabilities to Stockholders' Equity
The Builder's Outlet, is the world's largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Builder's Outlet operates over 2,200 Builder's Outlet stores that sell a wide assortment of building materials and home improvement and lawn and garden products.
Builder's Outlet reported the following balance sheet data (in millions):
Year 2 | Year 1 | |||
Total assets | $73,080 | $49,300 | ||
Total stockholders' equity | 31,500 | 34,000 |
a. Determine the total liabilities at the end of Years 2 and 1.
Year 2 | $ million |
Year 1 | $ million |
b. Determine the ratio of liabilities to stockholders' equity for Year 2 and Year 1. Round your answers to two decimal places.
Year 2 | |
Year 1 |
lissing Amounts from Balance Sheet and Income Statement Data ne item is omitted in each of the following summaries of balance sheet and income statement data for the following four different roprietorships. Freeman Heyward Jones Ramirez Beginning of the year: Assets $390,500 234,300 $449,100 233,500 $171,800 130,600 (d) $214,400 484,200 210,900 628,700 197,600 154,600 137,400 443,100 243,000 Liabilities End of the year: Assets Liabilities During the year: Additional investment in the business Withdrawals from the business Revenue (a) 27,300 128,800 70,300 89,800 26,900 (b) 116,800 17,200 (c) 197,600 211,300 71,500 104,800 200,100 228,700 Expenses etermine the missing amounts. "int: First determine the amount of increase or decrease in owner's equity during the year. Freeman: Additional investment in the business Heyward: Revenue
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