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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,
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 $
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