During $2021,$ Ripley Company earned revenues of $$144$ million.

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Requirements

Prepare the following financial statements $($with proper headings$)$ for $2021$:

Income statement,

Statement of retained earnings,

Balance sheet.

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Ripley incurred, during that same year, salary expense of $$30$ million, rent expense of $$19$ million, and

utilities expense of $$15$ million. Ripley declared and paid dividends of $$15$ million during the year. At

December $31,2021,$ Ripley had cash of $$190$ million, accounts receivable of $$90$ million, property and

equipment of $$41$ million, and other long$-$term assets of $$23$ million. At December $31,2021,$ the company

owed accounts payable of $$65$ million and had a long$-$term note payable of $$25$ million. Ripley began $2021$

with a balance in retained earnings of $$72$ million. At December $31,2021,$ Ripley had total stockholders'

equity of $$254$ million, which consisted of common stock and retained earnings. Ripley has a year$-$end of

December $31.$

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