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    derwreck's Avatar
    derwreck Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 27, 2008, 11:53 PM
    How do I calculate revenues given assetts, liabilities, and owners equity?
    I have to fill out the missing spots in this spreadsheet for my accounting class... I already figured out the missing assetts, liabilities, and owners equity numbers easily using the accounting equation (Assetts= liabilities + owners expense)


    Company X
    Beg of Year
    Assets=360
    Liabilities=280
    Owners Equity=80

    End of Year
    Assets=380
    Liabilities=320
    Owners Equity=60

    Expenses for the year=100

    How do I calculate revenues?
    Also, if it gave me revenues and not expenses, how would I calculate expenses for that year?

    Thanks, any help is greatly appreciated!
    johnsonc's Avatar
    johnsonc Posts: 1, Reputation: 1
    New Member
    		  
    #2

    Jan 16, 2012, 12:21 PM
    The Fundamental Accounting Equation
    Financial information for three independent cases is given below.

    assets liabilities equity
    $112,800 $(b) $51,000
    275,000 162,500 (c)
    (a) 15,000 43,200
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Jan 16, 2012, 12:59 PM
    Assets = Liabilities + Owners Equity
    Liabilities = Assets - Owners Equity
    Owners Equity = Assets - Liabilities
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