One Item Is Omitted in Each of the Following Summaries

question 105

Essay

One item is omitted in each of the following summaries of balance sheet and income statement data for three different sole proprietorships, X, Y, and Z. Determine the amounts of the missing items, identifying each proprietorship by letter. $\begin{array}{lccc}&&\text { Proprietorship }\\&X&Y&Z\\\text { Beginning of the Year: } \\\text { Assets } & \$ 390,000 & \$ 150,000 & \$ 215,000 \\\text { Liabilities } & 240,000 & 105,000 & 168,000 \\\text { End of the Year: } & & & \\\text { Assets } & 450,000 & 175,000 & 195,000 \\\text { Liabilities } & 275,000 & 90,000 & 170,000\\\text { During the Year: }\\\text { Additional investment by the owner }&?&74,000&80,000\\\text { Withdrawals by the owner } & 95,000 & 83,000 & ? \\& 195,000 & ? & 185,000 \\\text { Expenses } & 160,000 & 113,000 & 175,000\end{array}$

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Definitions:

Simultaneous-Move Game

A strategic scenario in game theory where all players make their decisions or choose their actions at the same time without knowledge of the other players' choices.

High Price

High price indicates a scenario where the cost of a good or service is considered greater than usual or compared to its competitors.

Tit For Tat Strategy

A strategy in game theory where a participant replicates an opponent's previous action, whether cooperative or competitive.

Cheating

The act of behaving dishonestly or unfairly in order to gain an advantage, especially in a context like academic examinations or competitive sports.