Novak corp. began the year with retained earnings of $935000. during the year, the company issued $1331000 of common stock, recorded expenses of $3577000, and paid dividends of $243000. if novak ending retained earnings was $995000, what was the company's revenue for the year? $3880000 $4968000 $50140000 $3637000

Question

Business

Haylee Li

11 April, 17:43

Novak corp. began the year with retained earnings of $935000. during the year, the company issued $1331000 of common stock, recorded expenses of $3577000, and paid dividends of $243000. if novak ending retained earnings was $995000, what was the company's revenue for the year? $3880000 $4968000 $50140000 $3637000

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Nolan Martinez · Answer 1

Solution:

Retained earnings for the year = closing balance of retained earning â€" opening balance of retained earning

= $995000 - $935000

= $60000

Revenue = Retained earnings for the year + dividends paid + expenses

$60000 + $243000 + $3577000 = $3880000

Revenue of the company = $3880000