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Jones 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?

Jones 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?

FINANCIAL ACCOUNTING
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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Jones 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?
Transcribed Image Text:Jones 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?
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