Use the following information from Shane and Lane, Inc., for the year ended Dece

Question

Use the following information from Shane and Lane, Inc., for the year ended December 31, 2011, to answer the questions that follows. Assume that the shareholders made new contributions of $25 to the company during the year (Click the icon to view the information.) Requirement 1. What were the company's total revenues during the year ended December 31, 2011? The total revenues for the year ended December 31, 2011 is More Info a. Expenses for the year ended December 31, 2011 $625 b. Net income for the year ended December 31, 2011 $415 c. Beginning balance (December 31, 2010, balance) in retained earnings $215 d. Ending balance (December 31, 2011, balance) in retained earnings $500 e. Total liabilitios and shareholders' equity at December 31, 2011 $875 f. Beginning balance (December 31, 2010, balance) in total liabilities $260 g. Ending balance (December 31, 2011, balance) in total liabilities = $275 Print Done

Explanation / Answer

1) Total revenue during the year ended december 31, 2011

Revenue = Net income+Expense

= 415+625

Revenue = $1040

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---