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 |
Pharoah |
|||||
|---|---|---|---|---|---|---|
|
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 |
ekkarill92 answered 9 months agoRelated Solutions
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