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McCall incurred, during that same? year, salary expense of $32 ?million, rent expense of $16 ?million, and utilities expense of $22 million. McCall declared and paid dividends of $15 million during the year. At December ?31, 2018?, McCall had cash of $150 ?million, accounts receivable of $50 ?million, property and equipment of $34 ?million, and other? long-term assets of $20 million. At December ?31, 2018?, the company owed accounts payable of $63 million and had a? long-term note payable of $33 million. McCall began 2018 with a balance in retained earnings of $76 million. At December ?31, 2018?, McCall had total? stockholders' equity of $158 ?million, which consisted of common stock and retained earnings. McCall has a? year-end of December 31.
Problem 1: 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.)
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