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? a) $47,500 b) $35,000 c) Not enough information d) $20,000
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? a) $47,500 b) $35,000 c) Not enough information d) $20,000
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...
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Jones engineering has $60000 in assets. This question solution
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?
a) $47,500
b) $35,000
c) Not enough information
d) $20,000
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