Letty Company began the year with owners' equity of $105,000. During the year, Letty received an additional owner investment of $147,000, recorded expenses of $420,000, and had owner drawings of $28,000. If Letty's ending owner's equity was $290,000 what was the company's revenue for the year?

Letty Company began the year with owners' equity of $105,000. During the year, Letty received an additional owner investment of $147,000, recorded expenses of $420,000, and had owner drawings of $28,000. If Letty's ending owner's equity was $290,000 what was the company's revenue for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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correct answer please

Letty Company began the year with owners' equity of
$105,000. During the year, Letty received an additional owner
investment of $147,000, recorded expenses of $420,000, and
had owner drawings of $28,000.
If Letty's ending owner's equity was $290,000 what was the
company's revenue for the year?

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