Question

Cell One Corporation began 2018 with retained earnings of $ 260 million. Revenues during the year were $ 520 ​million, and expenses totaled $ 340 million. Cell One declared dividends of $ 61 million. What was the​ company's ending balance of retained​ earnings? To answer this​ question, prepare Cell One​'s statement of retained earnings for the year ended December​ 31, 2018​, complete with its proper heading. Prepare the statement of retained earnings. ​(Enter all amounts in millions. Enter a net loss with a minus sign or parentheses. Include a subtotal after the​ "Add" line of the​ statement.) (millions) Add: Subtotal Less:

Answer 1

The ending balance of retained earnings was $ 379

Please see details below:

Step-by-step explanation:

Opening retained earnings $ 260

Add: Net Income $ 180

Subtotal $ 440

Less: Dividens -$ 61

Total $ 379