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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 accounting equation (assets = liabilities + (revenue - (expenses + dividends))), what would their revenue need to be for their accounts to be in balance?

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 accounting equation (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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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 accounting equation (assets = liabilities + (revenue - (expenses + dividends))), what would their revenue need to be for their accounts to be in balance?
Transcribed Image Text: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 accounting equation (assets = liabilities + (revenue - (expenses + dividends))), what would their revenue need to be for their accounts to be in balance?
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