Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with what is highlighted in yellow During 2 0 2 1 , Burke Company earned revenues of $ 1 4 6 million. i

Please help with what is highlighted in yellow
During 2021, Burke Company earned revenues of $146 million.
i.(Click the icon to view additional information.)
Read the requirements.
Burke incurred, during that same year, salary expense of $26 million, rent expense of $25 million, and utilities expense of $23 million. Burke declared and paid dividends of $19 million during the year. At December 31,2021, Burke had cash of $140 million, accounts receivable of $45 million, property and equipment of $37 million, and other long-term assets of $23 million. At December 31,2021, the company owed accounts payable of $65 million and had a long-term note payable of $30 million. Burke began 2021 with a balance in retained earnings of $76 million. At December 31,2021, Burke had total stockholders' equity of $150 million, which consisted of common stock and retained earnings. Burke has a year-end of December 31.
Requirement 3. Prepare the balance sheet (with a proper heading) for 2021. sheet by selecting the proper title on all applicable subtotal or total lines. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)
Burke Company
Balance Sheet
December 31,2021
image text in transcribed

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

Financial Accounting And Reporting A Global Perspective

Authors: Herv Stolowy, Yuan Ding

5th Edition

1473740207, 978-1473740204

More Books

Students also viewed these Accounting questions

Question

c. What type of degree does it offer?

Answered: 1 week ago

Question

Please describe the relation between Accounting and Taxation!

Answered: 1 week ago

Question

Explain the meaning of ergonomics.

Answered: 1 week ago