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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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