Business, 25.01.2020 02:31 tttyson

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: determine the missing amounts. additional investment in the $ revenue $ withdrawals from the business $

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Freeman's additional investment = $135,000Heyward's revenue = $235,000Jones's withdrawals = $16,500Ramirez's beginning assets = $149,000

Explanation:

1) Freeman's equity at the beginning of the year = $540,000

Freeman's equity at the end of the year = $930,000

Equity increase = $390,000

Net income increased Freeman's equity by $330,000 (= $570,000 - $240,000)

Withdrawals decreased equity by ($75,000)

So additional investment: $330,000 - $75,000 + F = $390,000

additional investment = F = $135,000

2) Heyward's equity at the beginning of the year = $230,000

Heyward's equity at the end of the year = $455,000

Equity increase = $225,000

Net income increased Heyward's equity by Revenue - $128,000

Withdrawals decreased equity by ($32,000)

Additional investments increased equity by : $150,000

equity increase = net income - withdrawals + additional investments

$225,000 = R - $128,000 - $32,000 + $150,000

$225,000 = R - $10,000 ⇒ R = $235,000

3) Jones's equity at the beginning of the year = $34,000

Jones's equity at the end of the year = $20,000

Equity decrease = ($14,000)

Net income decreased Jones's equity by ($7,500)

Withdrawals decreased equity by W

Additional investments increased equity by : $10,000

equity decrease = net income - withdrawals + additional investments

-$14,000 = -$7,500 - W + $10,000

W = -$7,500 + $10,000 + $14,000 = $16,500

4) Ramirez's equity at the beginning of the year = A - $12,000

Ramirez's equity at the end of the year = $134,000

Equity change = $134,000 - A + $12,000 = $146,000 - A

Net income decreased Ramirez's equity by ($13,000)

Withdrawals decreased equity by $39,000

Additional investments increased equity by : $55,000

equity change = net income - withdrawals + additional investments

$146,000 - A = -$13,000 - $39,000 + $55,000

$146,000 - A = $3,000 ⇒ A = $149,000

One item is omitted in each of the following summaries of balance sheet and income statement data fo

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