Use the following information to answer:
Additional data: Total expenses for the year were $210,000; Dividends paid during the year were $48,000.
-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 $210,000; Dividends paid during the year were $48,000.
-Using the above table, determine the revenues for the year ending on December 31, 2019?

Quizplus · Accepted Answer

Assets - Liabilities - Common Stock = Retained earnings
(($60,000 + $900,000) - $180,000 - $390,000 = $390,000)
Ending retained earnings + Dividends - Beginning retained earnings = Net income (loss)
(390,000 + $48,000 - $480,000 = $(42,000))
Revenue - Expense = Net income
(X - $210,000 = $(42,000))
(X = $168,000)

Use the Following Information to Answer