Accounting 100

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At the beginning of the year, Sielert Company had total assets of $851,810 and total liabilities of $290,850. Answer the following questions.

(a) If total assets increased $143,520 during the year and total liabilities decreased $63,130, what is the amount of owner’s equity at the end of the year?

Owner’s equity $

(b) During the year, total liabilities increased $104,990 and owner’s equity decreased $54,060. What is the amount of total assets at the end of the year?

Total assets $

(c) If total assets decreased $51,850 and owner’s equity increased $93,370 during the year, what is the amount of total liabilities at the end of the year?

Total liabilities $

Use the expanded accounting equation to answer each of the following questions.

(a) The liabilities of Roman Company are $90,710. Owner’s capital account is $143,500; drawings are $83,680; revenues, $469,480; and expenses, $330,080. What is the amount of Roman Company’s total assets?

Roman Company’s total assets $

(b) The total assets of Dylan Company are $65,960. Owner’s capital account is $22,430; drawings are $7,830; revenues, $47,850; and expenses, $31,700. What is the amount of the company’s total liabilities?

Dylan Company’s total liabilities $

(c) The total assets of Capp Co. are $660,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.’s owner’s equity?

Capp Co.’s owner’s equity $

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2014, Garba’s Goods and Zahra Enterprises.

Determine the missing amounts.

Garba’s
Goods

Zahra
Enterprises

Beginning of year:
 Total assets $151,371 $177,517
 Total liabilities 116,969 $  (c)
 Total owner’s equity $  (a) 110,088
End of year:
 Total assets 220,176 247,698
 Total liabilities 165,132 68,805
 Total owner’s equity 55,044 178,893
Changes during year in owner’s equity:
 Additional investment $  (b) 34,403
 Drawings 39,907 $  (d)
 Total revenues 295,862 137,610
 Total expenses 240,818

82,566

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