Introducing Financial Statements
Title
– Fundamentals of Accounting
Instructions
In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount.
|
|
Smith Industries ($) |
Jones Chips, Inc. ($) |
|
Beginning of year: |
||
|
Total assets |
110,000 |
129,000 |
|
Total liabilities |
85,000 |
? |
|
Total equities |
? |
80,000 |
|
End of year: |
||
|
Total assets |
160,000 |
180,000 |
|
Total liabilities |
120,000 |
50,000 |
|
Total equities |
40,000 |
130,000 |
|
Changes during the year in equities: |
||
|
Additional owner investment |
? |
25,000 |
|
Owner's withdrawals |
29,000 |
? |
|
Total revenues |
215,000 |
100,000 |
|
Total expenses |
175,000 |
60,000 |
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