General Accounting Smith manufacturing has $80,000 in assets. They also have$30,000 in liabilities and $8,000 in expenses, and they paid out$12,000 in dividends this year. Using the extended accountingequation (assets = liabilities + (revenue - (expenses +dividends))), what would their revenue need to be for theiraccounts to be in balance?

To solve this problem, we'll use the extended accounting equation:Assets = Liabilities + (Revenue −…

Answered: Smith manufacturing has $80,000 in…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter16: Statement Of Cash Flows: Another Look

Section: Chapter Questions

Problem 18P

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