Cell One Corporation began 2016 with retained eamings of 200

Cell One Corporation began 2016 with retained eamings of $200 million. R declared dividends of $55 million. earmings for the year ended December 31, 2016, complete with its proper heading. ovenues during the y ar were SS40 milion, and expenses totaled $380 million. Cell One What was the company\'s ending balance of retained eamings? To answer this question, prepare Cell One\'s statement of retained Prepare the statement of retained earnings. (Enter all mounts in millions Incude a subtotal after the \'Add\" line of the statement) (millions) Add: Subtotal Less:

Solution

millions Revenue 540 less expenses 380 Net income 160 millions Beginning retained earnings 200 Add:Net income 160 Subtotal 360 less:Dividends 55 ending balance of retained earnings 305