Aquarius Libra Scorpio Tarus Missing Amounts from Balanc

Aquarius -

Libra -

Scorpio -

Tarus -

Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships Enter the missing amounts. (Hint: First determine the amount of increase or decrease in owner\'s equity during the year.) Aquarius Libra Scorpio Taurus Beginning of the year Assets Liabilities End of the year: Assets Liabilities During the year: $206,400 $239,400 $86,700 123,800 124,500 65,900 $115,200 78,000 255,900 111,500 238,000 335,200 105,300 69,400 130,500 Additional investment in the business Withdrawals from the business Revenue Expenses 38,400 56,300 107,500 122,800 47,900 8,700 14,400 68,000 37,200 14,400 99,600 62,200 106,600

Solution

These missing figures can be calculated using the following accounting equation as applicable Owner’s Equity (beginning) + Investments – Withdrawals + Revenues – Expenses = Owner’s Equity (ending) Aquarius $ Owners equity at the end of the year (255900-111500) 144400 Owners equity at the beginning of the year (206400-123800) 82600 Increase in owners equity 61800 Less: Increase in net income (68000-37200) 30800 Subtotal 92600 Add: Withdrawals 14400 Additional Investment in business 78200 Libra Owners equity at the end of the year (335200-105300) 229900 Owners equity at the beginning of the year (239400-124500) 114900 Increase in owners equity 115000 Add: Withdrawals 14400 Less: Additional Investment in business 47900 Increase due to Net Income 81500 Add:Expense 62200 Revenue 143700 Scorpio Owners equity at the end of the year (78000-69400) 8600 Owners equity at the beginning of the year (86700-65900) 20800 Decrease in owners equity -12200 Less:Decrease in net income (99600-106600) 7000 Subtotal -5200 Less: Additional Investment in business 8700 Withdrawals from business -13900 Taurus Owners equity at the end of the year (238000-130500) 107500 Add:Decrease in net income (107500-122800) 15300 122800 Add: Withdrawals 56300 Owners equity at the beginning of the year 179100 Less: Additional Investment in business 38400 Subtotal 140700 Add: Liabilities at the beginning of the year 115200 Assets at the beginning of the year 255900