Homework Help is Here – Start Your Trial Now!
Business
Accounting
Genentech Solutions has $120,000 in assets. They also have $50,000 in liabilities and $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?

Genentech Solutions has $120,000 in assets. They also have $50,000 in liabilities and $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?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 5MCQ
See similar textbooks
icon
Related questions
Question
100%

Please explain the solution to this financial accounting problem with accurate principles.

Genentech Solutions has $120,000 in assets. They also have $50,000 in liabilities and $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:Genentech Solutions has $120,000 in assets. They also have $50,000 in liabilities and $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?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS