C. Only transaction data capable of being expressed in terms of money should be

Question

C. Only transaction data capable of being expressed in terms of money should be included in th accounting records. D. The activities of an entity should be kept separate and distinct from its owners. E. Before determining whether to record the cost of a stapler as an expense, it should be detern whether this treatment would affect the judgement of a decision maker. 8. A company reported the following amounts at the end of its first year of operations: Dividends Retained Earnings Common stock Total assets 18 Total liabilities Revenue Expenses 215 2?? 450 190 610 What is total revenue for the year? $691 $673 $205 $223 $863 C. RE-2C5 15c, 18c

Explanation / Answer

Answer is $673

Total Assets = Total Liabilities + Common Stock + Retained Earnings
$610 = $215 + $190 + Retained Earnings
Retained Earnings = $205

Retained Earnings = Revenue - Expenses - Dividends
$205 = Revenue - $450 - $18
Revenue = $673

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