Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garbas Goods and Zahra Enterprises.
Determine the missing amounts.
Garbas
GoodsZahra
Enterprises
Beginning of year:
Total assets$110,000$129,000
Total liabilities85,000$.wiley.com/edugen/art2/common/pixel.gif”>(c)
Total owners equity$.wiley.com/edugen/art2/common/pixel.gif”>(a)80,000
End of year:
Total assets160,000180,000
Total liabilities120,00050,000
Total owners equity40,000130,000
Changes during year in owners equity:
Additional investment$.wiley.com/edugen/art2/common/pixel.gif”>(b)25,000
Drawings29,000$.wiley.com/edugen/art2/common/pixel.gif”>(d)
Total revenues215,000100,000
Total expenses175,00060,000
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garbas Goods and Zahra Enterprises. Determine the mis