Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common stock, recorded expenses of $1,500,000, and paid dividends of $90,000. If Patterson’s ending retained earnings was $350,000, what was the company's revenue for the year?A. $1,615,000B. $1,800,000
C. $1,525,000
D. $700,000
Answers
Answer:
The company's revenue for the year is $1,615,000.
The correct option is A. $1,615,000.
Explanation:
Given:
Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common stock, recorded expenses of $1,500,000, and paid dividends of $90,000.
If Patterson’s ending retained earnings was $350,000.
Now, to find the company's revenue for the year.
Opening Retained earnings = $325,000.
Common stock = $500,000.
Recorded expenses = $1,500,000.
Paid dividends = $90,000.
Closing Retained earnings = $350,000.
Now, to get the revenue of the company we put formula:
Revenue = (Recorded expenses + paid dividends + closing Retained earnings) - opening Retained earnings
Therefore, the company's revenue for the year is $1,615,000.
The correct option is A. $1,615,000.
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