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Bizhelp, CPA
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Metzger Company compiled the following financial information

Resolved Question:

Metzger Company compiled the following financial information as of December 31, 2010:

Revenues


$140,000

Metzger, Capital (1/1/10)


70,000

Equipment


40,000

Expenses


125,000

Cash


35,000

Metzger, Drawings


10,000

Supplies


5,000

Accounts payable


20,000

Accounts receivable


15,000

Metzger's owner's equity on December 31, 2010 is ? I need the answer



1/ $70,000.



2/ $85,000.



3/ $60,000.



4/ $75,000.
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.
Hi,

Thanks for the question. The answer is 4/ $75,000.

Revenues $140,000 - Expenses 125,000 = $15,000 net income
70,000 beg. capital + $15,000 net income -10,000 drawings = $75,000 ending equity capital.

Hope this helps!

Bizhelp and 3 other Homework Specialists are ready to help you
Customer: replied 5 years ago.
Thank you and i have another answer can you help me with it please?

Metzger Company compiled the following financial information as of December 31, 2010:

Revenues

$140,000

Metzger, Capital (1/1/10)

70,000

Equipment

40,000

Expenses

125,000

Cash

35,000

Metzger, Drawings

10,000

Supplies

5,000

Accounts payable

20,000

Accounts receivable

15,000


Metzger's owner's equity on December 31, 2010 is

 

$70,000.

 

$85,000.

 

$60,000.

 

$75,000.

Can you show me how you solve it ? i mean for both ?
Thank you
Customer: replied 5 years ago.
Sorry i guess i mad a mistake in my first question

Metzger Company compiled the following financial information as of December 31, 2010:

Revenues

$140,000

Metzger, Capital (1/1/10)

70,000

Equipment

40,000

Expenses

125,000

Cash

35,000

Metzger, Drawings

10,000

Supplies

5,000

Accounts payable

20,000

Accounts receivable

15,000


Metzger's assets on December 31, 2010 are

 

$235,000.

 

$170,000.

 

$80,000.

 

$95,000.

Expert:  Bizhelp replied 5 years ago.
THIS ANSWER IS LOCKED!

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Customer: replied 5 years ago.
Thank you very much

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