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


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One item is omitted in each of the following summaries of balance sheet and income 1 answer below » One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: View complete question » Oscar Papa Quebec Romeo Beginning of the year: Assets $540,000 $125,000 $200,000 (d) Liabilities 324,000 65,000 152,000 $120,000 End of the year: Assets 670,500 175,000 180,000 248,000 Liabilities 292,500 55,000 160,000 One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: Oscar Papa Quebec Romeo Beginning of the year: Assets $540,000 $125,000 $200,000 (d) Liabilities 324,000 65,000 152,000 $120,000 End of the year: Assets 670,500 175,000 180,000 248,000 Liabilities 292,500 55,000 160,000 136,000 During the year: Additional investment in the business (a) 25,000 20,000 40,000 Withdrawals from the business 36,000 8,000 (c) 60,000 Revenue 177,975 (b) 230,000 112,000 Expenses 97,200 32,000 245,000 128,000 Determine the missing amounts, identifying them by letter. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.) View less » Jul 08 2014 12:38 PM

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