60.1K

Verified Solution

Link Copied!

Information for the next 4 questions. The following table summarizes balance sheet and income statement data for the year 2013 for two sole proprietor farmers: Mr. Smith and Mr. Jones. Some items have been omitted, and you have to determine them. Mr. Smith Mr. Jones $90,000 $70,000 $107,000 (c) $90,000 Beginning of year: Total assets. Total liabilities. Total owner's equity.. End of year: Total assets.... Total liabilities....... Total owner's equity...... Changes in owner's equity during the year: Additional investment.. Drawings........... Total revenues.. Total expenses... $180,000 $145,000 $35,000 $171,000 $44,000 $127,000 $35,000 (b) $35,000 $225,000 $178,000 $125,000 $88,000 Question 24 (3 points) What is the beginning-of-the-year value in owner's equity for Mr. Smith? $160,000 Question 24 (3 points) What is the beginning-of-the-year value in owner's equity for Mr. Smith? O $160,000 O $110,000 $90,000 O $70,000 O$20,000 Question 25 (3 points) What was the additional owner's investment of the year 2013 in Mr. Smith? $90,000 $32,000 $15,000 $12,000 Question 26 (3 points) What is the beginning-of-the-year value in total liabilities for Mr. Jones? $197,000 $124,000 O $107,000 $90,000 O $17,000 Question 27 (3 points) What were Mr. Jones' drawings for the year 2013? $199,000 $109,000 $72,000 $37,000 $35,000

Answer & Explanation Solved by verified expert

See Answer