The Puppy Inc. charged customers $1,200 for services performed during the year ended December 31, 2021. The company has collected $400 in cash related to services performed. 

What amount should be reflected as revenues for the fiscal year ended December 31, 2021?

2. 1. During the current year, Purple Hearts Corp. recognized Net Income after taxes of $255,000. Dividends of $40,000 were paid to shareholders. The tax rate for the company is 25%. 

What is Net Income before taxes?

3. Peter Dokc Corp. reported total assets of $100 million and total shareholders’ equity of $40 million. 

What is the amount of total liabilities for the company?