Nance Company Income Statement Year Ended December 31, 2018 Salary expense Rent expense Utilities expense Total...

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Nance Company Income Statement Year Ended December 31, 2018 Salary expense Rent expense Utilities expense Total expenses Net income (loss) 69 33 18 20 (millions) GA 158 71 87 Nance incurred, during that same year, salary expense of $33 million, rent expense of $18 million, and utilities expense of $20 million. Nance declared and paid dividends of $20 million during the year. At December 31, 2018, Nance had cash of $145 million, accounts receivable of $60 million, property and equipment of $33 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 $28 million. Nance began 2018 with a balance in retained earnings of $70 million. At December 31, 2018, Nance had total stockholders' equity of $174 million, which consisted of common stock and retained earnings. Nance has a year-end of December 31. During 2018, Nance Company eamed revenues of $158 million. (Click the icon to view additional information.) Read the requirements. Total expenses Net income (loss) Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2018. (Enter all amounts in millions. Include a subtotal after the "Add" line of the statement.) Add: Subtota Less: 71 87 (millions) Nance Company Income Statement Year Ended December 31, 2018 Salary expense Rent expense Utilities expense Total expenses Net income (loss) 69 33 18 20 (millions) GA 158 71 87 Nance incurred, during that same year, salary expense of $33 million, rent expense of $18 million, and utilities expense of $20 million. Nance declared and paid dividends of $20 million during the year. At December 31, 2018, Nance had cash of $145 million, accounts receivable of $60 million, property and equipment of $33 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 $28 million. Nance began 2018 with a balance in retained earnings of $70 million. At December 31, 2018, Nance had total stockholders' equity of $174 million, which consisted of common stock and retained earnings. Nance has a year-end of December 31. During 2018, Nance Company eamed revenues of $158 million. (Click the icon to view additional information.) Read the requirements. Total expenses Net income (loss) Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2018. (Enter all amounts in millions. Include a subtotal after the "Add" line of the statement.) Add: Subtota Less: 71 87 (millions)

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