Question

In: Accounting

Please answer fast Two items are omitted from each of the following summaries of balance sheet...

Please answer fast

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Wildhorse's Goods and Pharoah Enterprises.

Determine the missing amounts.

Wildhorse's
Goods

Pharoah
Enterprises

Beginning of year:

    Total assets

$150,788 $176,833

    Total liabilities

116,518 $enter a dollar amount (c)

    Total owner’s equity

$enter a dollar amount (a) 109,664

End of year:

    Total assets

219,328 246,744

    Total liabilities

164,496 68,540

    Total owner’s equity

54,832 178,204

Changes during year in owner’s equity:

    Additional investment

$enter a dollar amount (b) 34,270

    Drawings

50,720 $enter a dollar amount (d)

    Total revenues

301,576 137,080

    Total expenses

239,890 82,248

Solutions

Expert Solution

Wildhorses Goods
Total Assets = Total liabilities + Owners quity
Total assets = 116518+Owners equity
150788 = 116518 + Owners equity
Owners equity = 150788-116518
Owners equity = 34270
Total owners equity at the end of the year = Total owners equity at the beginning of the year +Additional Investment+ Net Income- Drawings
54832= Total owners equity at the beginning of the year+ Additional Investment+ (Total Revenue-Total Expenses) - Drawings
54832= 34270 + Additional Investment + (301576-239890) -50720
54832 = 34270 + Additional investment + 61686 -50720
54832 = 45236 + Additional Investment
Additional investment = 9596
Pharoah enterprises
Total Assets = Total liabilities + Owners quity
Total assets = 109664+Total liabilities
176833 = 109664 + Total liabilities
Total liabilities = 176833-109664
Total liabilities = 67169
Total owners equity at the end of the year = Total owners equity at the beginning of the year +Additional Investment+ Net Income- Drawings
178204= Total owners equity at the beginning of the year+ Additional Investment+ (Total Revenue-Total Expenses) - Drawings
178204= 109664 + 34270 + (137080-82248) -Drawings
178204= 109664 + 34270 + 54832 -Drawings
178204= 198766 -Drawings
Drawings = 20562

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