Freeman Неyward Jones Ramirez Beginning of the year. Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: 675,000 220,000 270,000 136,000 Assets 1,260,000 100,000 Liabilities 330,000 80,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 122,500 115,000 Expenses 240,000 128,000 128,000

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
10th Edition
ISBN:9781337902571
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter16: Financial Planning And Forecasting
Section: Chapter Questions
Problem 2P: AFN EQUATION Refer to Problem 16-1. What additional funds would be needed if the companys year-end...
icon
Related questions
Question

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

 

 

Determine the missing amounts, identifying them by letter. (Hint: First, determine the amount of increase or decrease in owner’s equity during the year.)

Freeman
Неyward
Jones
Ramirez
Beginning of the year.
Assets
$ 900,000
$490,000
$115,000
(d)
Liabilities
360,000
260,000
81,000
$120,000
End of the year:
675,000
220,000
270,000
136,000
Assets
1,260,000
100,000
Liabilities
330,000
80,000
During the year:
Additional investment in the business
(a)
150,000
10,000
55,000
Withdrawals from the business
75,000
32,000
(c)
39,000
Revenue
570,000
(b)
115,000
122,500
115,000
Expenses
240,000
128,000
128,000
Transcribed Image Text:Freeman Неyward Jones Ramirez Beginning of the year. Assets $ 900,000 $490,000 $115,000 (d) Liabilities 360,000 260,000 81,000 $120,000 End of the year: 675,000 220,000 270,000 136,000 Assets 1,260,000 100,000 Liabilities 330,000 80,000 During the year: Additional investment in the business (a) 150,000 10,000 55,000 Withdrawals from the business 75,000 32,000 (c) 39,000 Revenue 570,000 (b) 115,000 122,500 115,000 Expenses 240,000 128,000 128,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Fundamentals Of Financial Management, Concise Edi…
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Entrepreneurial Finance
Entrepreneurial Finance
Finance
ISBN:
9781337635653
Author:
Leach
Publisher:
Cengage