Question
K During 2021, Victor Company earned revenues of $154 million. (Click the icon to view additional information.) Read the requirements. C Requirement 1. Prepare
K During 2021, Victor Company earned revenues of $154 million. (Click the icon to view additional information.) Read the requirements. C Requirement 1. Prepare the income statement (with a proper heading) for 2021. (Enter all amounts in millions. If an input field is not used in the income statement, leave the field empty; do not select a label or enter a zero.). (millions) More info Victor incurred, during that same year, salary expense of $33 million, rent expense of $21 million, and utilities expense of $22 million. Victor declared and paid dividends of $23 million during the year. At December 31, 2021, Victor had cash of $160 million, accounts receivable of $80 million, property and equipment of $34 million, and other long-term assets of $21 million. At December 31, 2021, the company owed accounts payable of $63 million and had a long-term note payable of $31 million. Victor began 2021 with a balance in retained earnings of $76 million. At December 31, 2021, Victor had total stockholders' equity of $201 million, which consisted of common stock and retained earnings. Victor has a year-end of December 31. Requirements Prepare the following financial statements (with proper headings) for 2021: 1. Income statement, 2. Statement of retained earnings, 3. Balance sheet.
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