Below are three relationships in financial accounting.Relationship # 1Revenues 35,000Expenses 25,000Net Income (a)Relationship# 2Beginning Retained Earnings 42,000Net Income (b)Dividends 6000Ending Retained Earnings (c)Relationship# 3Assets (e)Liabilities 22,000Common Stock 32,000Retained Earnings (d)Required: Solve for the missing amounts. How would changing the amount of revenues or expenses in relationship #1 affect the amounts in relationship #2 and relationship #3?

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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