Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need to figure out the revenue, and the net income Ripley Company Income Statement Year Ended December 31, 2018 (millions) Revenue: Revenue Expenses: Salary

i need to figure out the revenue, and the net income image text in transcribed
Ripley Company Income Statement Year Ended December 31, 2018 (millions) Revenue: Revenue Expenses: Salary expense Rent expense Utilities expense 28 21 18 Total expenses 67 Net income (loss) More Info - Ripley incurred during that same year, salary expense of $28 million, rent expense of $21 million, and utilities expense of $18 million Ripley declared and paid dividends of $19 million during the year. At December 31, 2018, Ripley had cash of $190 million, accounts receivable of $50 million, property and equipment of $32 million, and other long-term assets of $25 million At December 31, 2018, the company owed accounts payable of $58 million and had a long-term note payable of $31 million. Ripley began 2018 with a balance in retained earings of $74 million. At December 31, 2018, Ripley had total stockholders' equity of $208 million, which consisted of common stock and retained earnings. Ripley has a year-end of December 31 Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions

Question

1. Should STSML engage factors?

Answered: 1 week ago