Bal Engineering has $60,000 in assets. They also have $25,000 in liabilities and $5,000 in expenses, and they paid out $7,500 in dividends this year. The extended accounting equation is assets = liabilities + (revenue - (expenses + dividends)). What would their revenue need to be for their accounts to be in balance?

Bal Engineering has $60,000 in assets. They also have $25,000 in liabilities and $5,000 in expenses, and they paid out $7,500 in dividends this year. The extended accounting equation is assets = liabilities + (revenue - (expenses + dividends)). What would their revenue need to be for their accounts to be in balance?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...

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