The summaries of balance sheet and income statement data follow.
Beginning of year:
Total assets $ 85,000
Total liabilities 62,000
Total owner's equity?
End of year:
Total assets 110,000
Total liabilities?
Total owner's equity 60,000
Changes during year in owner's equity:
Investments by owner?
Drawings 18,000
Total revenues 175,000
Total expenses 140,000
Required: Calculate the missing items above.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The summaries of balance sheet and income statement data follow. Beginning of year: Total assets $ 85,000 Total liabilities 62,000 Total ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Flex Co. just paid total dividends of $1,075,000 and reported additions to retained earnings of $3,225,000. The company has 715,000 shares of stock outstanding and a benchmark PE of 17.3 times. What stock price would you consider appropriate?
Answers (1)
Quality Foods has budgeted $1,500,000 in sales of ginger chicken for May. It wants to end every month with inventory equal to 10 days' worth of the next month's sales (based on a 30-day month). April sales are projected at $1,400,000.
Answers (1)
As of December 31, 2016, Nala Incorporated reported accounts receivable for $275,000 less allowance for doubtful accounts of $27,000 on their balance sheet.
Answers (1)
Which of the following markets has a barrier to entry? A. There are already many fast food restaurants in the City of Buffalo. B. Stan's Garbage Company runs the only trash collection service in town. C. Crystal develops a new product and patents it.
Answers (1)
A june sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit. the desired ending inventory of units is 15% higher than the beginning inventory of 1,000 units. total june sales are anticipated to be
Answers (1)
New Questions in Business
The back of a box of hinode harvest blend rice mix suggests cooking with chicken broth for added flavor. this is an example of
Answers (1)
Market failure occurs when Question 22 options: an unrestrained market economy leads to too few or too many resources going to a specific economic activity. one good is superior to another and drives it out of the market.
Answers (1)
Using accrual accounting, revenues are recorded a. when cash is received at the time services are performed or products have been delivered to customers b.
Answers (1)
On January 1, Great Designs Company had a debit balance of $1,985 in the office supplies account. During the month, Great Designs purchased $463 and $420 of office supplies and journalized them to the asset account upon purchasing.
Answers (1)
Because the auditors of XYX Company accepted a client firm's questionable financial statements when the infractions have occurred over time, James believes that they are· setting ill-conceived goals.· exhibiting motivated blindness.
Answers (1)