E1-11 Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Plunkett Co.
Herring Enterprises
Beginning of year:
Total assets: $97,000
Total liabilities: $85,000
Total stockholders' equity: $12,000
End of year:
Total assets: $160,000
Total liabilities: $120,000
Total stockholders' equity: $40,000
Changes during year in stockholders' equity:
Additional investment: $25,000
Dividends: $15,000
Total revenues: $215,000
Total expenses: $175,000