Question
Metzger Company compiled the following financial information as of December 31, 2017: Revenues $ 140,000 Metzger, Capital (1/1/2017) 70,000 Equipment 40,000 Expenses 125,000 Cash 35,000
Metzger Company compiled the following financial information as of December 31, 2017:
Revenues $ 140,000
Metzger, Capital (1/1/2017) 70,000
Equipment 40,000
Expenses 125,000
Cash 35,000
Metzger, Drawings 10,000
Supplies 5,000
Accounts payable 15,000
Notes Payable 5,000
Accounts receivable 15,000
14. Metzgers trial balance total debits on December 31, 2017 is
a. $220,000. b. $60,000. c. $230,000. d. $235,000.
15. Metzgers net income or loss for the period is
a. $15,000. b. $10,000. c. $45,000. d. $60,000.
16. Metzgers assets on December 31, 2017 are
a. $235,000. b. $170,000. c. $80,000. d $95,000.
17. Metzgers liabilities on December 31, 2017 are
a. $20,000. b. $95,000. c. $90,000. d $25,000.
18. Metzgers owners equity on December 31, 2017 is
a. $70,000. b. $60,000. c. $75,000. d. $85,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
