Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships. This information

image text in transcribedimage text in transcribed

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the missing amounts. (Hint: First, determine the amount of increase or decrease in owner's equity during the year.) Round your answers to the nearest dollar. Enter your answers as positive values. Freeman Heyward Jones Ramirez Beginning of the year: Assets $ 790,900 $ 925,400 $ 348,000 $ Liabilities 474,500 481,200 264,500 444,900 End of the year: Assets 980,700 1,295,600 313,200 919,400 Liabilities 427,100 407,200 278,400 504,200 During the year: Additional common stock issued 185,100 34,800 148,300 Dividends 55,400 55,500 217,500 Revenue 261,000 400,200 415,200 Expenses 142,400 240,600 428,000 474,500 Excel template - Saved Search (Option +Q) File Home Insert Draw Formulas Data Review View Help Editing v Comments | Arial v 10 BP v Av ... v 22 Custom $ .CO 0 - Av ... B15 A D E F G H I 1 Missing amounts from balance sheet and income statement data 2 One item is omitted in each of the following summaries of balance sheet and income statement data for the following four proprietorships. 3 Using formulas and cell references, perform the required analysis, and input your answers into the Freeman, Heyward, Jones, and Ramirez columns. Transfer the numeric results for the green entry cells (B15, C17, D16, and E9) into the appropriate fields in CNOWV2 for grading. 4 5 6 Formulas Freeman Heyward Jones Ramirez Freeman Heyward Jones Ramirez $790,900 474,500 $925.400 481.200 $348,000 264,500 444.900 7 8 Beginning of the year 9 Assets 10 Liabilities 11 End of the year: 12 Assets 13 Liabilities 14 During the year: 15 Additional common stock issued 16 Dividends 17 Revenue 18 Expenses 19 980,700 427,100 1,295,600 407.200 313,200 278,400 919,400 504,200 34,800 185,100 55.500 55,400 261,000 142,400 148,300 217,500 415,200 474,500 400,200 428,000 240,600 20 21 22 23 24 25 26 27 28

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

using signal flow graph

Answered: 1 week ago