Question
Key Relations: Revenues, Expenses, Dividends, and Retained Earnings (a) Compute the missing amounts (in millions) in the following table. (The balance in retained earnings at
Key Relations: Revenues, Expenses, Dividends, and Retained Earnings (a) Compute the missing amounts (in millions) in the following table. (The balance in retained earnings at year-end 2012 was $2.2.) Hint: Dividends reduce the retained earnings account. Round answers one decimal place. 2010 2011 2012 Retained earnings (beginning) $0.9 $1.7 $Answer Revenues 9.1 12.1 12.1 Expenses 7.4 Answer 11.0 Dividends Answer 0.6 0.6 (b) Calculate expenses as a percentage of revenues for the three years. Round your answer to one decimal place. 2010 2011 2012 Answer % Answer % Answer % (c) Calculate net income as a percentage of revenues for the three years. Round your answer to one decimal place. 2010 2011 2012 Answer % Answer % Answer %
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