Is there someone that can answer the question marks for this accounting assignme
ID: 2372335 • Letter: I
Question
Is there someone that can answer the question marks for this
accounting assignment.? See below:
"font-size:11pt;font-family:Arial, 'sans-serif';">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.
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
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
Explanation / Answer
Left Column:
Total Equity= Total assets - total liabilities
Total equity - 110,000 - 85,000 = 25,000
Ending equity - Beginning equity = Change in equity
40,000 - 25,000 = 15,000
15,000 increase needed in equity
15,000= Additional owner investment - owner withdrawls + revenue - expenses
15,000= Additional owner investment - 29,000 + 215,000 -175,000
15,000= Additional owner investment + 11,000
Additional owner investment= $4,000
Right column:
Total liabilities = Total assets - total equity
Total liabilities = 129,000 - 80,000 = 49,000
Ending equity - beginning equity = change in equity
130,000 - 80,000 = 50,000
50,000 increase needed
50,000 = Additional owner investment - owner withdrawls + revenue - expenses
50,000 = 25,000 - owner withdrawls + 100,000 - 60,000
50,000 = 65,000 - owner withdrawls
owner withdrawls = 15,000
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