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1)Nguyen Company began the year with equity of $651,000
1)Nguyen Company began the year with equity of $651,000. During the year, Nguyen issued ordinary shares for $882,000, recorded expenses of $2,520,000, and paid dividends of $168,000. If Nguyen’s ending equity was $1,593,000, what was the company’s revenue for the year?
2)Benito Company began the year with equity of €630,000. During the year, the company recorded revenues of €900,000, expenses of €684,000, and paid dividends of €60,000. What was Benito’s equity at the end of the year?
3) O'Hara Company began operations on December 1, 2017. Presented below is selected information related to O' Hara Company at December 31, 2017. Equipment £160,000 Utilities Expense £ 24,000 Cash 56,000 Accounts Receivable 108,000 Service Revenue 432,000 Salaries and Wages Expense 188,000 Rent Expense 52,000 Notes Payable 40,000 Accounts Payable 64,000 Dividends 60,000 Share Capital-ordinary 112,000 At December 31, 2017, assets total O £216,000 O E280,000. O £324,000. O £388,000.
Expert Solution
1)Answer: $ 2,748,000
Explanation:
Revenue - Expenses = Profit
=> Revenue = Expenses + Profit = $ 2,520,000 + $ 228,000 = $ 2,748,000
Working Note:
Profit under single entry system if derived as under:
Profit = Captial at the end + Dividends - Additional Equity Issued - Equity at Beginning = $ 1,593,000 + $ 168,000 - $ 882,000 - $ 651,000 = $ 228,000.
2)
Benito's equity at the end of the year = €786000
Explanation:
Beginning equity balance = €630,000
Revenue = €900000
Expense = €684000
Dividend = €60000
Net income = Revenue - Expense
= €900000 - €684000 = €216000
Ending equity = Beginning equity + Net income - Dividend
= €630000 + €216000 - €60000
= €786000
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