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?

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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Description: 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)Liabil

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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