Reference no: EM133033236

Question - Ripley ?incurred, during that same? year, salary expense of $35 ?million, rent expense of $21 ?million, and utilities expense of $22 million. Ripley declared and paid dividends of $17 million during the year. At December ?31, 2018?, Ripley had cash of $155 ?million, accounts receivable of $45 ?million, property and equipment of $36 ?million, and other? long-term assets of $20 million. At December ?31, 2018?, the company owed accounts payable of $57 million and had a? long-term note payable of $34 million. Ripley began 2018 with a balance in retained earnings of $76 million. At December ?31, 2018?, Ripley had total? stockholders' equity of $165 ?million, which consisted of common stock and retained earnings. Ripley has a? year-end of December 31.

Required -

Requirement 1. Prepare the income statement? (with a proper? heading) for 2018.

Requirement 2. Prepare the statement of retained earnings? (with a proper? heading) for 2018.

Requirement 3. Prepare the balance sheet? (with a proper? heading) for 2018.