Thompson Company started the year with owner's equity of $25,000. During the year, the owner made additional investments of $15,000, incurred expenses of $45,000, and took drawings of $8,000. If Thompson's ending owner's equity was $52,000, calculate the company's revenue for the year.

Thompson Company started the year with owner's equity of $25,000. During the year, the owner made additional investments of $15,000, incurred expenses of $45,000, and took drawings of $8,000. If Thompson's ending owner's equity was $52,000, calculate the company's revenue for the year.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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