Problem 1: Points=10: One item is omitted in each of the following summaries of balance sheet and income statement data...

  • Field: Business Finance - Accounting
  • Posted5 years ago
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Problem 1: Points=10: One item is omitted in each of the following summaries of balance sheet and income statement data for three different sole proprietorships, X, Y, and Z. Determine the amounts of the missing items, identifying each proprietorship by letter. .ol1.njr Proprietorship X Y Z Beginning of the Year: .ol1.njr .ol1.njr Assets $380,000 $150,000 $199,000 Liabilities 250,000 105,000 168,000 End of the Year: Assets 450,000 185,000 195,000 Liabilities 280,000 95,000 169,000 During the Year: Additional Investment by Owner a. 79,000 80,000 Less: Withdrawals by Owner 90,000 83,000 c. Revenue 195,000 b. 187,000 Less: Expenses 170,000 113,000 175,000