Al’s Automotive started the year with total assets of $250,000 and total liabilities of $200,000. During...
Al’s Automotive started the year with total assets of $250,000 and total liabilities of $200,000. During the year the business recorded $225,000 in expenses, and had drawings of $35,000. Owner's equity at the end of the year was $110,000. What did the company record for revenue for the year?
Homework Answers
Total assets=Total liabilities+Total equity
Total equity at beginning=(250,000-200,000)=$50,000
Ending equity=Beginning equity+Addition to retained earnings-Drawings
110,000=50,000+Addition to retained earnings-35000
Addition to retained earnings=(110,000+35000-50,000)
=$95000
Addition to retained earnings=Revenues-Expenses-Dividends
95000=Revenues-225,000-0
Revenues=(95000+225,000)
=$320,000
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