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Please the table below is one (continuation, I broke it in two for pictures sake. Enlarge and view thank you Compute the missing amounts (shown
Please the table below is one (continuation, I broke it in two for pictures sake. Enlarge and view thank you
Compute the missing amounts (shown by a ?) for each company (in millions). (Click the icon to view the financial information.) At the end of the year, which company has the highest net income? highest percentage of net income to revenues? Hint: Prepare a statement of retained earnings to help with your calculations. - X More Info Fir Ltd. Rice Inc. Reed Corp. Beginning Amounts in millions Assets S 270 $ 50 ? Liabilities 150 21 $ 19 27 3 11 Common shares Retained earnings Ending ? 26 9 ? S S 41 60 34 s 280 ? 27 3 11 Assets Liabilities Common shares Retained earnings Dividends Income statement 33 ? 10 $ 65 $ 12 S 0 S 228 S 66 Revenues Expenses Net income 223 S 159 8 5 ? 9 1 Print Done Compute the missing amounts for each company. Fir Ltd. Rice Inc. Reed Corp. Beginning Assets s 270 S 50 Liabilities 150 21 19 Common shares 27 3 11 26 9 Retained earnings Ending Assets $ 41 60 S 34 Liabilities 280 Common shares 27 3 11 Retained earnings 33 10 S 65 12 S 0 Dividends Income statement Revenues 09 S 66 228 223 159 65 Expenses Income statement Revenues $ $ $ 66 228 223 159 65 9 Expenses Net income Statement of retained earnings Beginning RE $ + Net income - Dividends $ = Ending RE 93 $ 26 $ 9 5 (65) 1 0 (12) 33 $ 23 $ 10 Which company has the highest net income? Which company has the highest percent of net income to revenues? dit field and +- thStep by Step Solution
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