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10 May, 10:26

Sheffield Corp. began 2022 with total stockholder's equity of $1285000, including retained earnings of $928000. During the year, the company issued $1262000 of common stock, recorded expenses of $3500000, and paid dividends of $242000. If Sheffield's ending retained earnings was $988000, what was the company's revenue for 2022?

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  1. 10 May, 11:20
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    what was the company's revenue for 2022?

    $3802000

    Explanation:

    Beginning RE + Net Income (Profit or Loss) - Dividends = Ending RE

    retained Earnings 928000

    begining Equity 1285000

    issued 1262000

    Pid dividens 242000

    928000+profit-3500000-242000=988000

    Profit=988000-928000+3500000+242000

    Revenue=3802000
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