Question

Nguyen Company began the year with equity of $651,000. During the year, Nguyen issued ordinary shares...

Nguyen Company began the year with equity of $651,000. During the year, Nguyen issued ordinary shares for $882,000, recorded expenses of $2,520,000, and paid dividends of $168,000. If Nguyen’s ending equity was $1,593,000, what was the company’s revenue for the year?

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Homework Answers

Answer #1

Answer: $ 2,748,000

Explanation:

Revenue - Expenses = Profit

=> Revenue = Expenses + Profit = $ 2,520,000 + $ 228,000 = $ 2,748,000

Working Note:

Profit under single entry system if derived as under:

Profit = Captial at the end + Dividends - Additional Equity Issued - Equity at Beginning = $ 1,593,000 + $ 168,000 - $ 882,000 - $ 651,000 = $ 228,000.

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