Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2010, Craig Cantrel and Mills Enterprises.
|
Craig |
Mills |
|
|
Cantrel |
Enterprises |
|
|
Beginning of year: |
||
|
Total assets |
$ 95,000 |
129,000 |
|
Total liabilities |
85,000 |
(c) |
|
Total owner’s equity |
(a) |
80000 |
|
End of year: |
||
|
Total assets |
160,000 |
80,000 |
|
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.