what is common stock and retained earnings? what i have is wrong

mathxt.com Acct 2300 LI-Flnanclal Accounting Spring 2020 Homework: HW Ch 1 HW Score 6 of 7 (6 complete) Score: 0.96 of1 pt E1-31A (similar to) Duing 2018, Burke Company eamed revenues of $140 million. AlClick the icon to view additional information.) Read the requirements Burke Company Balance Sheet December 31, 2018 Liabilities (in millions) Assets (millions) ng Current liabilities: Current assets: 62 155 Cash Accounts payable 62 60 Total current liabilities Accounts receivable 27 Long-term notes payable 89 Total liabilities 215 Total current assets Stockholders' equity 121 Common stock 72 26 Retained eamings Other long-term assets 41 Total stockholders' equity 193 Property and equipment 282 282 Total assets Total liabilities and stockholders' equity Choose from any list or enter any number in the input flelds and then click Check Answer. All parts showing Clear All MacBook Air HW Score: 85.19%, A (similar to) E Questie urke Company eamed revenues of $140 million. on to view additional information.) ements. ane a box ie Prepare ba inceme stalamant fuitharoper beadingl for 2018 (Enteral t select ne statem More Info %3D Burke incurred, during that same year, salary expense of $28 million, rent expense of $21 million, and utilities expense of $23 million. Burke declared and paid dividends of $18 million during the year. At December 31, 2018, Burke had cash of $155 million, accounts receirable of $60 million, property and equipment of $41 million, and other long-term assets of $26 million. At December 31, 2018, the company owed accounts payable of $62 million and had a long-term note payable of $27 million. Burke began 2018 with a balance in retained earnings of $72 million. At December 31, 2018, Burke had total stockholders' equity of $193 million, which consisted of common stock and retained earnings. Burke has a year-end of December 31. suec Print Done expe 72 enses 68 s) or enter any number in the input fields and then click Check Answer. Homework: HW Ch 1 Score: 0.96 of 1 pt 6 of 7 (6 complete) v O E1-31A (similar to) During 2018, Burke Company eamed revenues of $140 million. A Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare the income statement (with a proper heading) for 2018. (Enter all amounts in mi box empty; do not select a label or enter a zero.) Burke Company Income Statement ding Year Ended December 31, 2018 (millions) Revenue: Revenue $4 140 Expenses: Rent expense %2$ 21 Salary expense 28 Utilities expense 23 72 Total expenses %24 Net income (loss) 68 Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All MacBook Air Acct 2300 LI-Financial Accounting Spring 2020 Homework: HW Ch 1 Score: 0.96 of 1 pt 6 of 7 (6 complete) v 2E1-31A (similar to) Ducing 2018, Burke Company eamed revenues of $140 million. AlClick the icon to view additional information.) Read the requirements Net income (loss) %24 68 Requirement 2. Prepare the statement of retained eamings (with a proper heading) for 2018. (Enter all amour the statement..) Burke Company ng Statement of Retained Earnings Year Ended December 31, 2018 (millions) Retained earnings, December 31, 2017 %24 72 Net income for the period Add: 68 Subtotal 140 Dividends declared Less: (18) %24 Retained earnings, December 31, 2018 122 Requirement 3. Prepare the balance sheet (with a proper heading) for 2018. (Enter all amounts in millions. Cla all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part of the balance sheet. Classify the balance sheet by selecting the proper titie on all applicable subtotal or total lim alahal ante Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All MacBookAi mathxt.com Acct 2300 LI-Flnanclal Accounting Spring 2020 Homework: HW Ch 1 HW Score 6 of 7 (6 complete) Score: 0.96 of1 pt E1-31A (similar to) Duing 2018, Burke Company eamed revenues of $140 million. AlClick the icon to view additional information.) Read the requirements Burke Company Balance Sheet December 31, 2018 Liabilities (in millions) Assets (millions) ng Current liabilities: Current assets: 62 155 Cash Accounts payable 62 60 Total current liabilities Accounts receivable 27 Long-term notes payable 89 Total liabilities 215 Total current assets Stockholders' equity 121 Common stock 72 26 Retained eamings Other long-term assets 41 Total stockholders' equity 193 Property and equipment 282 282 Total assets Total liabilities and stockholders' equity Choose from any list or enter any number in the input flelds and then click Check Answer. All parts showing Clear All MacBook Air HW Score: 85.19%, A (similar to) E Questie urke Company eamed revenues of $140 million. on to view additional information.) ements. ane a box ie Prepare ba inceme stalamant fuitharoper beadingl for 2018 (Enteral t select ne statem More Info %3D Burke incurred, during that same year, salary expense of $28 million, rent expense of $21 million, and utilities expense of $23 million. Burke declared and paid dividends of $18 million during the year. At December 31, 2018, Burke had cash of $155 million, accounts receirable of $60 million, property and equipment of $41 million, and other long-term assets of $26 million. At December 31, 2018, the company owed accounts payable of $62 million and had a long-term note payable of $27 million. Burke began 2018 with a balance in retained earnings of $72 million. At December 31, 2018, Burke had total stockholders' equity of $193 million, which consisted of common stock and retained earnings. Burke has a year-end of December 31. suec Print Done expe 72 enses 68 s) or enter any number in the input fields and then click Check Answer. Homework: HW Ch 1 Score: 0.96 of 1 pt 6 of 7 (6 complete) v O E1-31A (similar to) During 2018, Burke Company eamed revenues of $140 million. A Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare the income statement (with a proper heading) for 2018. (Enter all amounts in mi box empty; do not select a label or enter a zero.) Burke Company Income Statement ding Year Ended December 31, 2018 (millions) Revenue: Revenue $4 140 Expenses: Rent expense %2$ 21 Salary expense 28 Utilities expense 23 72 Total expenses %24 Net income (loss) 68 Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All MacBook Air Acct 2300 LI-Financial Accounting Spring 2020 Homework: HW Ch 1 Score: 0.96 of 1 pt 6 of 7 (6 complete) v 2E1-31A (similar to) Ducing 2018, Burke Company eamed revenues of $140 million. AlClick the icon to view additional information.) Read the requirements Net income (loss) %24 68 Requirement 2. Prepare the statement of retained eamings (with a proper heading) for 2018. (Enter all amour the statement..) Burke Company ng Statement of Retained Earnings Year Ended December 31, 2018 (millions) Retained earnings, December 31, 2017 %24 72 Net income for the period Add: 68 Subtotal 140 Dividends declared Less: (18) %24 Retained earnings, December 31, 2018 122 Requirement 3. Prepare the balance sheet (with a proper heading) for 2018. (Enter all amounts in millions. Cla all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part of the balance sheet. Classify the balance sheet by selecting the proper titie on all applicable subtotal or total lim alahal ante Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All MacBookAi