Question

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?

Answer 1

what was the company’s revenue for 2022?

$3802000

Step-by-step 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