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
95,000
ddc
To determine Metzger's assets on December 31, 2010, you need to add up the following:
1. Cash: $35,000
2. Equipment: $40,000
3. Supplies: $5,000
4. Accounts Receivable: $15,000
Total Assets = Cash + Equipment + Supplies + Accounts Receivable
Total Assets = $35,000 + $40,000 + $5,000 + $15,000
Total Assets = $95,000
Therefore, Metzger's assets on December 31, 2010 are $95,000.
To determine Metzger's assets on December 31, 2010, we need to add up the values of all the assets listed in the financial information provided.
From the information given, the assets include:
- Equipment: $40,000
- Cash: $35,000
- Supplies: $5,000
- Accounts receivable: $15,000
Adding up these values, we get:
$40,000 + $35,000 + $5,000 + $15,000 = $95,000
Therefore, Metzger's assets on December 31, 2010 are $95,000.