Question

Gilkey Corporation began the year with retained earnings of $310,000. During the year, the company issued $420,000 of common stock, recorded expenses of $1,200,000, and paid dividends of $80,000. If Gilkey’s ending retained earnings was $330,000, what was the company’s revenue for the year?

Answer 1

Answer:

what was the company’s revenue for the year?

Revenue ___1300000  

Explanation:

Retained earnings 310000  

 

Expenses 1200000  

 

Endind retained earnings 330000  

 

 

Beginning Retained earnings_310000  

 

Paid dividens___________-80000  

Net income_________________x 100000

Ending retained earnings_ 330000  

 

Net income_100000  

 

Revenue ___1300000  

Expenses___-1200000  

Net Income__100000