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.
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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