How do I find the Revenue amount for the following problem? Please be clear and concise and avoid using tables or images etc if you can Revenue $? Dividends Declared $3000 Expenses $6000 RE 1/1 $8000 RE 12/31 $9000 My answer was $8000-but it was wrong.

How do I find the Revenue amount for the following problem? Please be clear and concise and avoid using tables or images etc if you can Revenue $? Dividends Declared $3000 Expenses $6000 RE 1/1 $8000 RE 12/31 $9000 My answer was $8000-but it was wrong.

Name: How do I find the Revenue amount for the following problem? Please be
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Description: How do I find the Revenue amount for the following problem? Please be clear and concise and avoid using tables or images etc if you canRevenue $?Dividends Declared $3000Expenses $6000RE 1/1 $8000RE 12/31 $9000My answer was $8000-but it was wrong.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I asked this question earlier and still unclear about the equation. The amount of expenses has to be found. Revenue 2028 $6000 Dividends declared $0 Expenses for 2028 $ Amount Unknown 1/1 RE $12000 12/31 RE $8000 Step 1 This is the equation I was given. Closing RE=Opening RE+ Net income loss-Dividends paid (How do you know it is a loss if you haven't even found the expenses amount yet??) Also why below is loss in parentheses below? I need to know why Net Income LOSS is used $8000=$12000+Net income loss-$0 Net Income Loss=$8000-$12000+$0 Net Income (loss)=-($4000) Step 2 Calculate expenses for 2028 Net Income LOSS=Revenues-Expenses -$4000=$6000+$4000 Expenses=$6000+$4000 Expenses=$10000
Please do not give solution in image format thanku
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FIND REVENUE Find the revenue for this problem and please provide the equation and method you came to find the correct answer. Please explain clearly. Revenues UNKNOWN Dividends declared $80000 Expenses $70000January 1 retained earnings $28000December 31 retained earnings $32000
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