FIND REVENUE Find the revenue for this problem and please provide the equation and method you came to find the correct answer. Please explain clearly. Revenues UNKNOWN Dividends declared $80000 Expenses $70000January 1 retained earnings $28000December 31 retained earnings $32000
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FIND REVENUE
Find the revenue for this problem and please provide the equation and method you came to find the correct answer. Please explain clearly.
Revenues UNKNOWN
Dividends declared $80000
Expenses $70000
January 1
December 31 retained earnings $32000
Step by step
Solved in 2 steps
- Analyze Target The following data (in millions) are taken from the financial statements of Target Corporation (TGT), the owner of Target stores: a. For Target, determine the amount of change in millions and the percent of change rounded to one decimal place from Year 1 to Year 2 for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and total operating expenses?FIND RE 1/1 Please calculate the missing information in the following problem and provide the equation and explain how you came to the correct amount pleae. Revenues $63000Dividends $21000 Expenses $38000January 1 retained earnings balance UNKNOWNDecember 31 retained earnings balance $16000$16,000Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.1) Revenue for 2008 $8,000Dividends Declared $1,000Expenses for 2008 $3,000January 1 RE Balance $5,000December 31 RE Balance ?2) Revenues for 2008 $3,000Dividends declared in 2008 $2,000Expenses for 2008 $1,000January 1 retained earnings balance ?December 31 RE balance $6,0003) Revenues for 2008 $5,000Dividends declared in 2008 ?Expenses for 2008 $4,000January 1 RE balance $8,000December 31 RE balance $3,0004) Revenues for 2008 $6,000Dividends declared for 2008 $0Expenses for 2008 ?January 1 RE balance $12,000December 31 RE balance $8,0005) Revenues for 2008 ?Dividends declared in 2008 $3,000Expenses for 2008 $6,000January 1 RE balance $8,000December 31 RE balance $9,000
- . RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) ProvisionsPlease help me solve the following problems. Please be as clear as possible and no typos please :)1) Revenue $18,000Dividends $6,000Expenses $10,0001/1 Retained Earnings $4,00012/31 Retained Earnings-unknown2) Revenue $63,000Dividends $21,000Expenses $38,0001/1 Retained Earnings -unknown12/31 $16,0003) Revenue $46,000Dividends-unknownExpenses $30,0001/1 Retained Earnings $13,00012/31 Retained Earnings $22,0004) Revenue $97,000Dividends $0Expenses-unknown1/1 Retained Earnings $36,00012/31 Retained Earnings $57,0005) Revenue-unknownDividends $80,000Expenses $70,0001/1 Retained Earnings $28,00012/31 Retained Earnings $32,000Finding Revune Example Clarification I need to know why the RE 1/1 turns from positive to negative. Here is the information and solution equation I was told on here Revenue UNKOWN Expenses $6000 Dividends declared $3000 RE 1/1 $8000 12/31 $9000 9000=8000+(Rev-6000)-3000 This then is converted to the following to find Revenue Revenue=9000-8000+3000+6000 Why does 8000 turn negative and 3000 and 6000 turn positive?
- Identify the letter for the principle or assumption from A through F in the blank space next to each numberedsituation that it best explains or justifies.A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.d. Using the “Income Statement” worksheet, center the financial statement titlesacross the data below and bold and italicize the company name. e. Complete the formulas in cells provided for revenues* for 2021. 2021 revenues haveIncreased by 1/2% over 2020 values. f. Complete the formulas in cells provided for expenses for 2021. 2021 expenses have decreasedby 1/4% over 2020 values g. Using the correct function or formula calculate the total expenses and losses in the cellsprovided.For the two independent cases that follow, determine the missing amount for each letter. (Hint: You might not be able to calculate them in the order in which they appear.) Case 1 Case 2 Revenues $125,600 $Enter a dollar amount. E Expenses Enter a dollar amount. A 167,100 Net earnings 44,800 90,200 Dividends declared Enter a dollar amount. B 18,300 Retained earnings: Beginning of year 252,000 311,100 End of year 284,900 Enter a dollar amount. F Total assets: Beginning of year 362,200 593,500 End of year Enter a dollar amount. C 752,300 Total Liabilities: Beginning of year 9,900 229,400 End of year 441,500 289,800 Common shares: Beginning of year 100,300 53,000 End of year 150,450 Enter a dollar amount. G Proceeds from common shares issued during the year Enter a dollar amount.…
- Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…Which of the following entries properly closes a temporary account? a. Dividends200 Retained Earnings200 b. Income Summary20,000 Service Revenue20,000 c. Accumulated Depreciation1,600 Income Summary1,600 d. Income Summary400 Salaries Expense400Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. h. Nixon Corp records and maintains their books at cost and/or current value, not at a liquidated value. Violation: (Yes/No) Applicable Assumption/Principle: i. Wages of $4,000 related to the last two days of July, were recorded as expense in July even though they were paid in August. Violation: (Yes/No) Applicable…
