What would be the total amount of Revenues

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Question - On December 31, 2018, Lance Company prepared an income statement and balance sheet. Total: Revenues, Expenses, Net Income, Assets, Liabilities, and Stockholders' Equity had the following balances, respectively:

Revenues 120,000

Expenses 80,000

Net Income $40,000

Total Assets $100,000

Total Liabilities $30,000

Total Stockholders' Equity $70,000

During audit, the auditor detected the following error:

Error: Company paid $8,000 on a loan to bank and recorded all of it as interest expense. However, $6,000 of the $8,000 was for the payment of the principal of the loan.

Required - What would be the total amount of: Revenues, Expenses, Net Income, Assets, Liabilities, and Stockholders' Equity, after correcting the above error.

Reference no: EM132625034

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