Question
LALLULATUR PRINTER VERS Exercise 1-06 al-a2 (Part Level Submission) Suppose the following information was taken from...
LALLULATUR PRINTER VERS Exercise 1-06 al-a2 (Part Level Submission) Suppose the following information was taken from the 2022 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earnings, January 1, 2022 Cost of goods sold Selling and administrative expenses Dividends Sales revenue Research and development expense Income tax expense $49,600.0 9,300.0 8,200.0 3,400.0 44,000.0 6,300.0 2,700.0
(a 2) After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2022. (List Items that increase retained earnings first. Enter amounts in millions to I decimal place, e.g. 45.5 million.) Merck and Co. Retained Earnings Statement (in millions) Click if you would like to Show Work for this question: Open Show Work
Answers
Merck and Co. Retained earnings statement For the year ended December 31, 2022 (in millions) Retained earnings, January 1, 2022 49600.0 Add: Net income 17500.0 67100.0 Less : dividends 3400.0 Retained earnings, December 31, 2022 63700.0
Working note : Income statement Sales revenue 44000.0 (-) Cost of goods sold 9300.0 (-) Selling and administrative expenses 8200.0 (-) Research and development expense 6300.0 (-) Income tax expense 2700.0 Net income 17500.0
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