Question

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Tamarisk's Goods and Ivanhoe Enterprises. Determine the missing amounts

Answer 1

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

= $130000-80000-25000-40000$

= $-15,000$