FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the following information for questions 171–172.
Metzger Company compiled the following financial information as of December 31, 2014:
€140,000
70,000
80,000
125,000
35,000
10,000
5,000
20,000
15,000
65,000
Revenues
Retained earnings (1/1/14)
Equipment
Expenses
Cash
Dividends
Supplies
Accounts payable
Accounts receivable
Share capital-ordinary
Metzger's assets on December 31, 2014 are
a. €275,000.
b. €210,000.
171.
с. €120,000.
d €135,000.
Difficulty: Medium
Thinking AICPA BB: Critical Thinking AICPA FN: Reporting
Ans: d
LO8
BT: AP
TOT: 1.5 min.
AACSB: Reflective
Metzger's equity on December 31, 2014 is
а. €110,000.
172.
b. €100,000.
c. €140,000.
d. €125,000.
Ans: c
Thinking AICPA BB: Critical Thinking AICPA FN: Reporting
LO8
BT: AP
Difficulty: Medium
TOT: 1.5 min.
AACSB: Reflective
Copper Company's equity at the beginning of August 2014 was $750,000. During the
month, the company earned net income of $150,000 and paid dividends of $50,000. At the
end of August 2014, what is the amount of equity?
a. $650,000
b. $750,000
c. $850,000
d. $950,000
173.
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Transcribed Image Text:Use the following information for questions 171–172. Metzger Company compiled the following financial information as of December 31, 2014: €140,000 70,000 80,000 125,000 35,000 10,000 5,000 20,000 15,000 65,000 Revenues Retained earnings (1/1/14) Equipment Expenses Cash Dividends Supplies Accounts payable Accounts receivable Share capital-ordinary Metzger's assets on December 31, 2014 are a. €275,000. b. €210,000. 171. с. €120,000. d €135,000. Difficulty: Medium Thinking AICPA BB: Critical Thinking AICPA FN: Reporting Ans: d LO8 BT: AP TOT: 1.5 min. AACSB: Reflective Metzger's equity on December 31, 2014 is а. €110,000. 172. b. €100,000. c. €140,000. d. €125,000. Ans: c Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO8 BT: AP Difficulty: Medium TOT: 1.5 min. AACSB: Reflective Copper Company's equity at the beginning of August 2014 was $750,000. During the month, the company earned net income of $150,000 and paid dividends of $50,000. At the end of August 2014, what is the amount of equity? a. $650,000 b. $750,000 c. $850,000 d. $950,000 173.
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