Problem 2.4 Part (a) Answer (Multiple-Step Income Statement) The Clothing Outlet, Inc. Income Statement For the Year Ended December 31, 20X9 (all amounts in millions, except earnings per share) Problem 2.4 Part (b) Answer Statement of Retained Earnings The Clothing Outlet, Inc. Statement of Retained Earnings For the Year Ended December 31, 20X9 (all amounts in millions) 304 Problem 2.4 Part (c) Answer Statement of Financial Position The Clothing Outlet, Inc. Statement of Financial Position December 31, 20X9 (all amounts in millions) ASSETS LIABILITIES and STOCKHOLDERS' EQUITY Problem 2.2 Answer Mechanical Engineers Group, Inc. Income Statement For the Year Ended December 31, 20X2 Mechanical Engineers Group, Inc. Statement of Retained Earnings For the Year Ended December 31, 20X2 302 Problem 2.2 Answer (Continued) Mechanical Engineers Group, Inc. Statement of Financial Position December 31, 202 Assets Current assets: Total current assets Property, plant, \& equipment: Total property, plant, \& equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' equity: Total stockholders' equity Total liabilities \& stockholders' equity Problem 2.4 Part (a) Answer (Multiple-Step Income Statement) The Clothing Outlet, Inc. Income Statement For the Year Ended December 31, 20X9 (all amounts in millions, except earnings per share) Problem 2.4 Part (b) Answer Statement of Retained Earnings The Clothing Outlet, Inc. Statement of Retained Earnings For the Year Ended December 31, 20X9 (all amounts in millions) 304 Problem 2.4 Part (c) Answer Statement of Financial Position The Clothing Outlet, Inc. Statement of Financial Position December 31, 20X9 (all amounts in millions) ASSETS LIABILITIES and STOCKHOLDERS' EQUITY Problem 2.2 Answer Mechanical Engineers Group, Inc. Income Statement For the Year Ended December 31, 20X2 Mechanical Engineers Group, Inc. Statement of Retained Earnings For the Year Ended December 31, 20X2 302 Problem 2.2 Answer (Continued) Mechanical Engineers Group, Inc. Statement of Financial Position December 31, 202 Assets Current assets: Total current assets Property, plant, \& equipment: Total property, plant, \& equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' equity: Total stockholders' equity Total liabilities \& stockholders' equity