Question

2 Supplies 770 26,100 pare a statement of retained earnings for the year ended December 31, 2017. TIP Assume the balance in Retained Earnings was $5,460 (million) at January 1.2017. (Enter your answers in millions .e, 10,000,000 should be entered as 10.,) of in 5,460 < Prev 2 3 4 oNext > MacBook

Answer 1

17 18 19 20 21 Change Average 72 76 FIFO 2016 2017 2б Total Date 218 Account Title & Explanation Debit Credit 23 24 25 26 27 1-Jan Retained Earnings Inventory To record change in inventory) 2Prepare the 2018-2017 comparative income statements 29 30 31 32 2018 2017 520 Revenues Cost of Goods Sold Operating Expenses Net Income 490 -76 290 124 34 144 35

Determine the balance in RE at january 2017 as batali reported using FIFO method and adjustment of 480 Revenues Cost of Goods Sold (FIFO) Operating Expenses Net Income Less Dividend Retained Earnings Jan.1,2016 Retained Earnings Jan.1,2017 282 150 29 0 121 FIFO Avearge Difference 480 -72 282 126 29 0 97 480 Revenues Cost of Goods Sold Operating Expenses Net Income Less Dividend Retained Earnings Jan.1,2016 Retained Earnings Jan.1,2017 282 150 29 0 121 24