Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose the following information was taken from the 2022 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earnings,

image text in transcribedimage text in transcribedimage text in transcribed

Suppose the following information was taken from the 2022 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earnings, January 1, 2022 $42,300.0 Cost of goods sold 9.300.0 Selling and administrative expenses 8,800.0 Dividends 3.600.0 Sales revenue 41,400.0 Research and development expense 5,800.0 Income tax expense 3,000.0 After analyzing the data, prepare an income statement for the year ending December 31, 2022. (Enter amounts in millions to 1 decimal place, e.g. 45.5 million.) Merck and Co. Income Statement For the Year Ended December 31, 2022 (in millions) Revenues Sales Revenue $ A 41400 Expenses Cost of Goods Sold $ 9300 i Selling and Administrative Expenses 8800 i Research and Development Expense 5800 i Income Tax Expense 3000 i Total Expenses -26900 i Net Income /(Loss) $ $ 14500 After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2022. (List items that increase retained earnings first. Enter amounts in millions to 1 decimal place, e.g. 45.5 million.) Merck and Co. Retained Earnings Statement For the Year Ended December 31, 2022 (in millions) Retained Earnings, January 1 $ Add : Net Income /(Loss) DULE Less : Dividends Retained Earnings, December 31 $

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

Quality Auditing A Tool For Excellence

Authors: David Mills, J. Mills

1st Edition

041245890X, 978-0412458903

More Books

Students also viewed these Accounting questions