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Barker Construction has $120,000 in assets. They also have $50,000 in liabilities, $15,000 in expenses, and they paid out $10,000 in dividends this year. Using the extended accounting equation, assets = liabilities + (revenue - (expenses + dividends)), what would their revenue need to be for their accounts to be in balance?

Barker Construction has $120,000 in assets. They also have $50,000 in liabilities, $15,000 in expenses, and they paid out $10,000 in dividends this year. Using the extended accounting equation, assets = liabilities + (revenue - (expenses + dividends)), what would their revenue need to be for their accounts to be in balance?

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
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Barker Construction has $120,000 in assets. They also have $50,000 in liabilities, $15,000 in expenses, and they paid out $10,000 in dividends this year. Using the extended accounting equation, assets = liabilities + (revenue - (expenses + dividends)), what would their revenue need to be for their accounts to be in balance?
Transcribed Image Text:Barker Construction has $120,000 in assets. They also have $50,000 in liabilities, $15,000 in expenses, and they paid out $10,000 in dividends this year. Using the extended accounting equation, assets = liabilities + (revenue - (expenses + dividends)), what would their revenue need to be for their accounts to be in balance?
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