FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:ons. If
Requirements
Prepare the following financial statements (with proper headings) for 2021:
1. Income statement,
2. Statement of retained earnings,
3. Balance sheet.
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Vance incurred, during that same year, salary expense of $25 million, rent expense of $22 million, and
utilities expense of $15 million. Vance declared and paid dividends of $15 million during the year. At
December 31, 2021, Vance had cash of $175 million, accounts receivable of $90 million, property and
equipment of $39 million, and other long-term assets of $24 million. At December 31, 2021, the company
owed accounts payable of $63 million and had a long-term note payable of $34 million. Vance began 2021
with a balance in retained earnings of $74 million. At December 31, 2021, Vance had total stockholders'
equity of $231 million, which consisted of common stock and retained earnings. Vance has a year-end of
December 31.
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Transcribed Image Text:During 2021, Vance Company earned revenues of $144 million.
i(Click the icon to view additional information.)
Read the requirements.
Requirement 1. Prepare the income statement (with a proper heading) for 2021. (Enter all amounts in millions. If an input field is not used in the income statement, leave the field empty; do not select a label or enter a zero.)
Revenue:
Expenses:
C---
(millions)
Net income (loss)
Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2021. (Enter all amounts millions. Include a subtotal after the "Add" line of the statement.)
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