Assesment 2.docx - BUS-FP3061 Assessment 2 Part 4 Template BUS-FP3061 – Fundamentals of Accounting Instructions In each of the two sets of

# Assesment 2.docx - BUS-FP3061 Assessment 2 Part 4 Template...

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BUS-FP3061 – Fundamentals of Accounting Instructions In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries (\$) Jones Chips, Inc. (\$) Beginning of year: Total assets 110,000 129,000 Total liabilities 85,000 49,000 Total equities 25,000 80,000 End of year: Total assets 160,000 180,000 Total liabilities 120,000 50,000

Unformatted text preview: Total equities 40,000 130,000 Changes during the year in equities: Additional owner investment 11,000 25,000 Owner's withdrawals 29,000 15,000 Total revenues 215,000 100,000 Total expenses 175,000 60,000 110,000 - 85,000 = 25,000 129,000 - 80,000 = 49,000 29,000 + 11,000 = 40,000 215,000 - 40,000 = 175,000 100,000 - 25,000 = 75,000 therefore the difference is 25,000 Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 2/25/2015 9:15 AM 1 BUS-FP3061 Assessment 2, Part 4 Template...
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