Reference no: EM132737347
Berwick Company compiled the following financial information as of December 31, 2008:
Revenues $140,000
Berwick, Capital (1/1/08) 105,000
Equipment 40,000
Expenses 125,000
Cash 35,000
Berwick, Drawings 10,000
Supplies 5,000
Accounts payable 20,000
Accounts receivable 15,000
Problem 1: Berwick's assets on December 31, 2008 are
Option 1: $235,000.
Option 2: $170,000.
Option 3: $80,000.
Option 4: $95,000.
Problem 2: Berwick's owner's equity on December 31, 2008 is
Option 1: $105,000.
Option 2: $110,000.
Option 3: $80,000.
Option 4: $120,000.
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