SOLUTION: If 12/31/2002 assets were $80,000, liabilities were $50,000, equity was $30,000 and 12/31/2003 assets were $100,000, liabilities were $55,000 and equity was $45,000, then were the

Algebra ->  Finance -> SOLUTION: If 12/31/2002 assets were $80,000, liabilities were $50,000, equity was $30,000 and 12/31/2003 assets were $100,000, liabilities were $55,000 and equity was $45,000, then were the       Log On


   

Question 202135: If 12/31/2002 assets were $80,000, liabilities were $50,000, equity was $30,000 and 12/31/2003 assets were $100,000, liabilities were $55,000 and equity was $45,000, then were the total revenues in 2003 if the expenses were $330,000? Seriously, that is all of the information I have and I am so stuck.
Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

Since stockholder's equity increased by $15,000, from $30,000 in 2002 to $45,000 in 2003, it's obvious that this increase was a result of an increase in net profits at 2003 year-end.

Now, since expenses were $330,000 for that year, then the increase in equity would be added back to the expenses of $330,000 to get the revenues for 2003. This calculates to $highlight_green%28345_000%29.