Use the following information to answer:
Additional data: Total expenses for the year were $70,000; Dividends paid during the year were $16,000.
-Using the above table, determine the revenues for the year ending on December 31, 2019?

Question

Use the following information to answer:
  Additional data: Total expenses for the year were $70,000; Dividends paid during the year were $16,000.
-Using the above table, determine the revenues for the year ending on December 31, 2019?

Quizplus · Accepted Answer

Assets - Liabilities - Common Stock = Retained earnings
(($20,000 + $300,000) - $60,000 - $130,000 = $130,000)
Ending retained earnings + Dividends - Beginning retained earnings = Net income (loss)
($130,000 + $16,000 - $160,000 = $(14,000))
Revenue - Expense = Net income
(X - $70,000 = $(14,000))
(X = $56,000)

Use the Following Information to Answer