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QUESTION 7 1 points Si A company reported the following amounts (in thousands) at the end of the first year of operations $ 18 215 Dividends Retained Earnings Common Stock Total assets Total liabilities Revenue Expenses 190 610 450 What is total revenue for the year? A. $205 B. $223 C. $691 D. $673 E $863

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Answer #1

Ans: Option D $673

Working:

Total Assets = Total liabilities and Equity

Assets

Amount

Liabilities & Equity

Amount

Total Assets

$610

Total Liabilities

$215

Common Stock

$190

Retained earnings (Balance)

$205

$610

$610

Retained earnings Are cumulative profits of a company after deducting dividends

Retained earnings = Net income – Dividends

$205=(Revenue – Expenses) - $18

$205 = Revenue – ($450+$18)

So Total Revenue = 450+18+205=$673

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