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?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...
Related questions
Question
Transcribed Image Text: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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College