During 2018, Plank Company earned revenues of $154 million. (Click the icon to view additional information.) Read the requirements $ 30 Salary expense Rent expense 20 Utilities expense More Info Total expenses Net Income (loss) Requirement 2. Prepare the statement of retained earnings (wi Plank Company Plank incurred, during that same year, salary expense of $30 million, rent expense of $20 million, and utilities expense of $25 million. Plank declared and paid dividends of $15 million during the year. At December 31, 2018, Plank had cash of $145 million, accounts receivable of $65 million, property and equipment of $34 million, and other long-term assets of $18 million. At December 31, 2018, the company owed accounts payable of $60 million and had a long-term note payable of $31 million. Plank began 2018 with a balance in retained earnings of $77 million. At December 31, 2018, Plank had total stockholders' equity of $171 million, which consisted of common stock and retained earnings. Plank has a year-end of December 31. Statement of Retained Earnings Year Ended December 31, 2018 Print Done Retained earnings, December 31, 2017 Add: Net income for the period Subtotal Less: Dividends declared Retained earnings, December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Durin 75 Accounts payable Accounts receivable Read Cash Common stock Dividends declared Long-term note payable Net income for the period Net loss for the period Other long-term assets Property and equipment Rent expense Requ Retained earnings, December 31, 2017 Retained earnings, December 31, 2018 Revenue Salary expense Total expenses Utilities expense Retained earnings, December 31, 2017 79 heading) for 2018. (Enter all amounts millions. Include a subtotal after the "Add" line of the statement.) (millions) Add: Net income for the period Subtotal Less: Dividends declared Retained earnings, December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All