The following information was taken from the September financial statements of t

Question

The following information was taken from the September financial statements of the Hem Corporation. Determine the dollar amount of resources invested by owners as of the end of September.

$130,000

$420,000

$280,000

$220,000

Assets, September 30 $700,000 Common Stock, September 30 $130,000 Dividends, September 1 through September 30 $15,000 Expenses, September 1 through September 30 $170,000 Liabilities, September 30 $420,000 Retained Earnings, September 30 $150,000 Revenues, September 1 through September 30 $220,000

Explanation / Answer

Revenues are the dollar amounts of resources brought into a company by management activities. During September, the Hem Corporation's revenues were $220,000. Thus, the dollar amount of resources brought into the Hem Corporation by management activities in September was $220,000.

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