Two items are omitted from each of the following summaries of balance sheet and incomestatement data for two proprietorships for the year 2016 Holly Enterprises and Cat Stevens. Black Sheep Enterprises ‾ Cat Stevens ‾ Beginning of year: Total assets $ 98 , 000 $ 129 , 000 Total liabilities 60 , 000 ( c ) Total owner’s equity ( a ) 85 , 000 End of year: Total assets 160 , 000 180 , 000 Total liabilities 100 , 000 50 , 000 Total owner’s equity 60 , 000 130 , 000 Changes during year in owner’s equity Additional investment ( b ) 25 , 000 Drawings 25 , 000 (d) Total revenues 215 , 000 100 , 000 Total expenses 185 , 000 65 , 000 \begin{array}{lcc} & \underline{ ext {Black Sheep Enterprises}} & \underline{ ext { Cat Stevens}}\ ext { Beginning of year: } & \ ext { Total assets } & \$ 98,000 & \$ 129,000 \ ext { Total liabilities } & 60,000 & (\mathrm{c}) \ ext { Total owner ' s equity } & (\mathrm{a}) & 85,000 \ ext { End of year: } & \ ext { Total assets } & 160,000 & 180,000 \ ext { Total liabilities } & 100,000 & 50,000 \ ext { Total owner ' s equity } & 60,000 & 130,000 \ ext { Changes during year in owner ' s equity } \ ext { Additional investment } & (\mathrm{b}) & 25,000 \ ext { Drawings } & 25,000 & ext { (d) } \ ext { Total revenues } & 215,000 & 100,000 \ ext { Total expenses } & 185,000 & 65,000\end{array} Beginning of year: Total assets Total liabilities Total owner’s equity End of year: Total assets Total liabilities Total owner’s equity Changes during year in owner’s equity Additional investment Drawings Total revenues Total expenses Black Sheep Enterprises $98 , 000 60 , 000 ( a ) 160 , 000 100 , 000 60 , 000 ( b ) 25 , 000 215 , 000 185 , 000 Cat Stevens $129 , 000 ( c ) 85 , 000 180 , 000 50 , 000 130 , 000 25 , 000 (d) 100 , 000 65 , 000 Determine the missing amounts.

Question

Two items are omitted from each of the following summaries of balance sheet and incomestatement data for two proprietorships for the year 2016 Holly Enterprises and Cat Stevens.   Black Sheep Enterprises ‾  Cat Stevens ‾  Beginning of year:   Total assets  $ 98 , 000 $ 129 , 000  Total liabilities  60 , 000 ( c )  Total owner’s equity  ( a ) 85 , 000  End of year:   Total assets  160 , 000 180 , 000  Total liabilities  100 , 000 50 , 000  Total owner’s equity  60 , 000 130 , 000  Changes during year in owner’s equity   Additional investment  ( b ) 25 , 000  Drawings  25 , 000  (d)   Total revenues  215 , 000 100 , 000  Total expenses  185 , 000 65 , 000 \begin{array}{lcc} &  \underline{	ext {Black Sheep Enterprises}} &  \underline{	ext { Cat Stevens}}\	ext { Beginning of year: }  &  \	ext { Total assets }  &  \$ 98,000  &  \$ 129,000 \	ext { Total liabilities }  &  60,000  &  (\mathrm{c}) \	ext { Total owner ' s equity }  &  (\mathrm{a})  &  85,000 \	ext { End of year: }  &  \ 	ext { Total assets }  & 160,000  &  180,000   \	ext { Total liabilities }  & 100,000  &  50,000  \	ext { Total owner ' s equity }  &  60,000  &  130,000 \	ext { Changes during year in owner ' s equity } \	ext { Additional investment } & (\mathrm{b})   &  25,000  \	ext { Drawings } &  25,000  &  	ext { (d) } \	ext { Total revenues } &  215,000  &  100,000 \	ext { Total expenses } &  185,000  &  65,000\end{array}  Beginning of year:   Total assets   Total liabilities   Total owner’s equity   End of year:   Total assets   Total liabilities   Total owner’s equity   Changes during year in owner’s equity   Additional investment   Drawings   Total revenues   Total expenses  ​ Black Sheep Enterprises ​ $98 , 000 60 , 000 ( a ) 160 , 000 100 , 000 60 , 000 ( b ) 25 , 000 215 , 000 185 , 000 ​  Cat Stevens ​ $129 , 000 ( c ) 85 , 000 180 , 000 50 , 000 130 , 000 25 , 000  (d)  100 , 000 65 , 000 ​ Determine the missing amounts.

Michael McReynolds · Accepted Answer

Final Answer :   Increase in owner’s equity  $ 45 , 000  Less: Netincome  $ 35 , 000 Additional investment  25 , 000 ‾ ( 60 , 000 ) ‾  Drawings  $ ( 15 , 000 ) ‾ \begin{array}{lrr}  	ext { Increase in owner ' s equity }  & \$45,000\ 	ext { Less: Netincome  }  & \$35,000\ 	ext {Additional investment   }  &  \underline{25,000} &  \underline{(60,000)}\ 	ext { Drawings }  & &  \underline{\$(15,000)}\\end{array}  Increase in owner’s equity   Less: Netincome  Additional investment   Drawings  ​ $45 , 000 $35 , 000 25 , 000 ​ ​ ( 60 , 000 ) ​ $ ( 15 , 000 ) ​ ​

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