Question

CES STANDARD VIEW PRINTER VERS Exercise 1-5 Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Oriole Company (All dollar amounts are in millions.) Retained earnings, January 1, 2017 $43,124.3 Cost of goods sold 9,367.8 Selling and administrative expenses 8,407,1 Dividends 3,665.4 Sales revenue 39,781.4 Research and development expense 5,403.7 Income tax expense 2.969.6 oudy After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million) Oriole Company Income Statement (in millions)

Answer 1

Income Statement
Revenue
Sales revenue				39,781.40
Expense:
Cost of goods sold			9,367.80
Selling and admin expnse		8,407.10
Research and Development expense	5,403.70
Income tax expense			2,969.60
Total expense				26,148.20
Net Income				13,633.20
Statement of Retained earnings
Beginning balance of Retained earnings		43,124.30
Add: Net Income				13,633.20
Sub total					56,757.50
Less: Dividend				3,665.40
Ending balance of Retained earnings		53,092.10