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emmainna [20.7K]
3 years ago
8

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships fo

r the year 2020, Tamarisk's Goods and Ivanhoe Enterprises. Determine the missing amounts
Business
1 answer:
bulgar [2K]3 years ago
3 0

Answer:

The solution according to the given query is provided below.

Explanation:

The given question seems to be incomplete. The attachment of the complete query is provided below.

Now,

The additional investment will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Drawings-Net \ income

By putting the values, we get

= 40000-25000+37000-45000

= 7,000

Now,

The drawings will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Additional \ investment-Net \ income

By putting the values, we get

= 130000-80000-25000-40000

= -15,000

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