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Use the following information for questions 1011. Berwick Company compiled the following financial...

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Accounting

Use the following information for questions 1011.

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

10. Berwicks assets on December 31, 2008 are

a. $235,000.

b. $170,000.

c. $80,000.

d $95,000.

11. Berwicks owners equity on December 31, 2008 is

a. $105,000.

b. $110,000.

c. $80,000.

d. $120,000.

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