During 2016, McFall Company earned revenues of $140 million. McFall incurred, during that same year, salary expense

Question:

During 2016, McFall Company earned revenues of $140 million. McFall incurred, during that same year, salary expense of $31 million, rent expense of $16 million, and utilities expense of $22 million. McFall declared and paid dividends of $12 million during the year. At December 31, 2016, McFall has cash of $150 million, of $55 million, property and equipment of $32 million, and other long-term assets of $17 million. At December 31, 2016, the company owes of $60 million and has a long-term note payable of $27 million. McFall began 2016 with a balance in retained earnings of $68 million. At December 31, 2016, McFall has total stockholders' equity of $167 million, which consists of and retained earnings. McFall has a year-end of December 31. Prepare the following (with proper headings) for 2016:
1. Income statement,
2. Statement of retained earnings,
3. Balance sheet.
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