Question

Following are partially completed financial statements​ (income statement, statement of retained​ earnings, and balance​ sheet) for

Loving

Corporation. Complete the financial statements. All amounts are in millions.

Loving Corporation
Income Statement
Year Ended December 31, 2018
				(millions)
Net sales				$186
Expenses				106
Net income (loss)				$ a

Loving Corporation
Statement of Retained Earnings
Year Ended December 31, 2018
		(millions)
Beginning retained earnings		$72
Net income		b
Cash dividends declared		(9)
Ending retained earnings		$ c

Loving Corporation

Balance Sheet

December 31, 2018

		(millions)
Assets
Cash		$114
All other assets		d
Total assets		$ e
Liabilities
Total liabilities		$47
Stockholders' equity
Common stock		26
Retained earnings		f
Total stockholders' equity		g
Total liabilities and stockholders' equity		$ h

Complete this :

a	Net income (loss)
b	Net income
c	Ending retained earnings
d	All other assets
e	Total assets
f	Retained earnings
g	Total stockholders' equity
h	Total liabilities and stockholders' equity

Answer 1

Fo

rmula:

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