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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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Answer:

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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