QUESTION 1
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Downer Company provides the company's 2017 financial statements below, intentionally omitting select items of information
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What value did Downer report as total Revenue for the 12 months ended December 31, 2017?
A. $152
B. $164
C. None of the answer choices provided are correct.
D. $166
E. $77
Homework Answers
| Solution: | |||
| DOWNER COMPANY | |||
| INCOME STATEMENT | |||
| Revenues ($ 159 + $ 7) | $ 166 | ||
| Expenses | $ 159 | ||
| Net Income (Taken from Retained Earrnins) | $ 7 | ||
| DOWNER COMPANY | |||
| BALANCE SHEET | |||
| Assets | $ 43 | ||
| Liabilities | $ 34 | ||
| Common Stock | $ 2 | ||
| Retained Earnings | $ 7 | ||
| Caclulation of Common Stock | |||
| Common Stock = Assets - Liabilities - Retained Earnings | |||
| Common Stock = $ 43 - $ 34 - $ 7 | |||
| Common Stock = $ 2 | |||
| Answer = Total revenue for the 12 Months = Option D = $ 166 | |||
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