Exercise 1-11
Two items are omitted from each of the following summaries
of balance sheet and income statement data for two proprietorships for the year
2008, Craig Cantrel and Mills Enterprises.
Craig
Mills Cantrel Mills Enterprises
Beginning of year:
Total assets $
95,000 $129,000
Total
liabilities
85,000 (c)
Total owner’s equity (a) 80,000
End of year:
Total assets
160,000 180,000
Total liabilities 120,000 50,000
Total owner’s equity 40,000 130,000
Changes during year in owner’s equity:
Additional investment (b) 25,000
Drawings
24,000 (d)
Total revenues
215,000 100,000
Total expenses
175,000 55,000
Instructions
Determine the missing amounts.
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