Begin with the partial model in the file Ch$06$ P$20$ Build a Model.xlsx$.$

The partial balance sheets of Britton String are shown here.

Britton String Corp.: Partial Balance Sheets as of December $31$

$($Millions of Dollars$)$

$20222021$

Assets

Cash and cash equivalents $ $113$ $ $68$

Short$-$term investments $4438$

Accounts receivable $105130$

Inventories $252194$

Total current assets $ $514$ $ $430$

Net fixed assets $300270$

Total assets $ $814$ $ $700$

Liabilities and Equity

Accounts payable $ $60$ $ $54$

Accruals $3950$

Notes payable $2533$

Total current liabilities $ $124$ $ $137$

Long$-$term debt $206160$

Total liabilities $ $330$ $ $297$

Common stock $?245$

Retained earnings $?158$

Total common equity $?$ $ $403$

Total liabilities and equity $?$ $ $700$

The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Enter your answers in millions. For example, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to the nearest whole number. Use a minus sign to enter negative values, if any.

Download spreadsheet Ch$06$ P$20$ Build a Model$-$c$0$b$68$a$.$xlsx

Britton String Corp. manufactures specialty strings for musical instruments and tennis racquets. Its most recent sales were $$880$ million; operating costs $($excluding depreciation$)$ were equal to $85\%$ of sales; net fixed assets were $$300$ million; depreciation amounted to $11\%$ of net fixed assets; interest expenses were $$19$ million; the state$-$plus$-$federal corporate tax rate was $25\%$; and it paid $30\%$ of its net income out in dividends. Given this information, construct its income statement. Also calculate total dividends and the addition to retained earnings.

Britton String Corp.: Income Statement for Year Ending

December $31,2022($Millions of Dollars$)$