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Judith Industries Financial Statements indicate the following: Total Assets = $400,000 Total Liabilities = $160,000 Total...

Judith Industries Financial Statements indicate the following:

Total Assets = $400,000

Total Liabilities = $160,000

Total Equity = $?

Common Stock = $200,000

Dividends = $20,000

Revenue = $?

Expenses = $80,000

Required: Determine (A) Total Equity and (B) Revenue

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Homework Answers

Answer #1

(A) Computation of Total Equity:

As we know that:

Total Assets = Total Liabilities + Total Equity

$400,000 = $160,000 + Total Equity

Therefore, Total equity = $400,000 - $160,000 = $240,000

(B) Computation of Revenue:

As we know that:

Total Equity = Common stock + Retained Earnings

$240,000 = $200,000 + Retained Earnings

Therefore, retained earnings = $40,000

Retained Earnings = Profits - Dividends

$40,000 = Profit - $20,000

Therefore, Profit = $60,000

As we know that:

Profits = Revenue - Expenses

$60,000 = Revenue - $80,000

Therefore, Revenue = $140,000

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