Answer:
Revenue for the period = $2,100,000
Explanation:
Provided information,
Opening balance of retained earnings = $500,000
Expenses recorded for the period = $2,000,000
Dividends paid during the period = $80,000
Closing balance of retained earnings = $520,000
Therefore increase in retained earnings = $520,000 - $500,000 = $20,000
Earnings for the period - Expenses for the period - Dividend for the period = $20,000
Now, putting values in above,
Earnings - $2,000,000 - $80,000 = $20,000
Earnings = $20,000 + $80,000 + $2,000,000 = $2,100,000
Revenue for the period = $2,100,000
