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Name: Solve for the missing revenues in 20x8 if the company began operation
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Description: Solve for the missing revenues in 20x8 if the company began operations 20x7.20x720x8Assets$1,000$1,200Liabilities$150$180Paid-in Capital$750$850Retained Earnings$100$170Revenues2000(?)Expenses18001,859Dividends100180

Business

Accounting

Solve for the missing revenues in 20x8 if the company began operations 20x7. 20x7 20x8 Assets $1,000 $1,200 Liabilities $150 $180 Paid-in Capital $750 $850

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Solve for the missing revenues in 20x8 if the company began operations 20x7.
20x7
20x8
Assets
$1,000
$1,200
Liabilities
$150
$180
Paid-in Capital
$750
$850
Retained Earnings
$100
$170
Revenues
2000
(?)
Expenses
1800
1,859
Dividends
100
180

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