Homework Answers
No,
You are not right.
Answer:
2010 Ending balance of Equity = 2011 Beginning balance of = 30,000
2011 Ending balance of Equity = 45,000
In absence of other information given:
Increase in equity in 2011 has to be due to addition of net income.
Hence net income in 2011 = 45000 - 30000 = 15,000
We know:
Revenue - Expense = Net Income
=> Revenue = Net Income + Expense
=> Revenue = 15000 + 330000
=> Revenue = 345,000
Hence:
Revenue = 345,000
Add Answer to:
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