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The accounting equation for Gudgeyes Enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000 $132,000 = $66,000 + $66,000 $132,000 = $60,000 + $72,000 ...
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Updated 10/10/2011 7:04:45 PM
1 Answer/Comment
If Gudgeyes purchases office equipment on account for $12,000, the accounting equation will change to $132,000 = $72,000 + $60,000 Assets (office equipment) increase by $12,000. Liabilities (accounts payable) increase by $12,000 and Owners equity remains the same.
Added 10/10/2011 7:04:45 PM
This answer has been added to the Weegy Knowledgebase
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 $235,000. $170,000. $80,000. $95,000
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Updated 10/10/2011 7:40:17 PM
1 Answer/Comment
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 $235,000. $170,000. $80,000. $95,000
Added 10/10/2011 7:40:17 PM
If supplies that have been purchased are used in the course of business, then 1) an asset will increase. 2) owner's equity will increase. 3) a liability will increase. 4) owner's equity will decrease
Weegy: If supplies that have been purchased are used in the course of business, owner's equity will increase. (More)
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Expert Answered
Updated 10/11/2011 10:06:37 PM
1 Answer/Comment
1 is the answer. If supplies that have been purchased are used in the course of business, then an asset will increase.
Added 10/11/2011 10:06:37 PM
If supplies that have been purchased are used in the course of business, then 1) an asset will increase. 2) owner's equity will increase. 3) a liability will increase. 4) owner's equity will decrease
Weegy: Answer is 1. If supplies that have been purchased are used in the course of business, then an asset will increase. (More)
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Expert Answered
Updated 10/11/2011 10:12:25 PM
2 Answers/Comments
[Deleted]
Added 10/11/2011 10:12:23 PM
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