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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) | $1.2 | $2.0 | $Answer |
| Revenues | 8.8 | 11.8 | 11.8 |
| 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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