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Phone Corporation began 2021 with retained earnings of $300 million. Revenues during the year were $530 million, and expenses totaled $370 million. Phone declared dividends of $61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Phone's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: (millions)

Phone Corporation began 2021 with retained earnings of $300 million. Revenues during the year were $530 million, and expenses totaled $370 million. Phone declared dividends of $61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Phone's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: (millions)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Phone Corporation began 2021 with retained earnings of $300 million. Revenues during the year were $530 million, and expenses totaled $370 million. Phone declared dividends of $61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Phone's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: C (millions)
Transcribed Image Text:Phone Corporation began 2021 with retained earnings of $300 million. Revenues during the year were $530 million, and expenses totaled $370 million. Phone declared dividends of $61 million. What was the company's ending balance of retained earnings? To answer this question, prepare Phone's statement of retained earnings for the year ended December 31, 2021, complete with its proper heading. Prepare the statement of retained earnings. (Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: C (millions)
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