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Profit ( loss ) , dividends, and owners investments cause equity to change. We also know that revenues less expenses equal profit ( loss )
Profit loss dividends, and owners investments cause equity to change. We also know that revenues less expenses equal profit loss Using the following information, calculate profit loss for each independent situation.a The business earned revenues of $ and had expenses of $b The business showed expenses of $ and revenues of $c The retained earnings at the beginning of the month was $ During the month, the owner did not get dividends. At the end of the month, the retained earnings totalled $d The retained earnings at the beginning of the month was $ During the month, the owner got dividends of $ The retained earnings at the end of the month totalled $ Exercise On November Jean Higgins started a wedding planning company, Extraordinary Studios. On November the companys records showed the following items. Cash$Accounts receivable Office supplies Automobiles Office equipment Accounts payable Common stock Dividends Wedding consulting revenue Rent expense Advertising expense Telephone expense Utilities expenses Use the above information to prepare a November income statement for the business. Exercise Use the above information from Exercise to prepare a November balance sheet for Extraordinary Studios.Analysis Component:Identify how much of the assets held by Extraordinary Studios are financed by the owner, Jean Higgins.
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