Solution-Summaries of balance sheet and income statement

Summaries of balance sheet and income statement data

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Reference no: EM13935210

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garba's Goods and Zahra Enterprises.

	Garba's Goods		Zahra Enterprises
Beginning of year:
Total assets	$110,000		$129,000
Total liabilities	85,000		$	(c)
Total owner's equity	$	(a)	80,000
End of year:
Total assets	160,000		180,000
Total liabilities	120,000		50,000
Total owner's equity	40,000		130,000
Changes during year in owner's equity:
Additional investment	$	(b)	25,000
Drawings	29,000		$	(d)
Total revenues	215,000		100,000
Total expenses	175,000		60,000

Determine the missing amounts.

Reference no: EM13935210

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Summaries of balance sheet and income statement data

Reference no: EM13935210

Reference no: EM13935210

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