The accountant prepared the following list of account balances from the company's records for the year ended December 31, 2019.Sales Revenue
-Determine the following amounts for Backus Tractor Sales:
A)The total revenues for 2019.
B)The total expenses for 2019.
C)What is the purpose of the Income Statement?
D)Is this company profitable? Explain your answer.
E)Is this the first year of operations for this company? Explain your answer.
Definitions:
Shares Outstanding
The total number of shares of a corporation that have been issued and are currently owned by shareholders.
Cost of Equity
The return a firm theoretically pays to its equity investors to compensate for the risk they take by investing in the stock.
Annual Dividend
The total amount of dividend payments a shareholder receives from a company in one year.
Market Price
The present price at which a good or service is available for purchase or sale in the market.
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