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Smith Construction has $85,000 in assets. They also have $32,000 in liabilities and $8,500 in expenses, and they paid out $6,000 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?

Smith Construction has $85,000 in assets. They also have $32,000 in liabilities and $8,500 in expenses, and they paid out $6,000 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?

Intermediate Accounting: Reporting And Analysis
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
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 7GI
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Hello teacher please help me with general accounting question

Smith Construction has $85,000 in assets. They also have $32,000 in liabilities and $8,500 in expenses, and they paid out $6,000 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:Smith Construction has $85,000 in assets. They also have $32,000 in liabilities and $8,500 in expenses, and they paid out $6,000 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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