Accounting for managers MBA courses

11/21/2020 Exercise 1-5

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Merck and Co. Income Statement

(in millions)

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Merck and Co. Retained Earnings Statement

(in millions)

Print by: SHADI SHADMAN Acct 621 Fall 2020 S21 / Assignment 1 for Acct621 Fall 2020

*Exercise 1-5 Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.)

Retained earnings, January 1, 2017 $46,743.5

Cost of goods sold 8,532.6

Selling and administrative expenses 8,871.1

Dividends 3,201.4

Sales revenue 39,224.6

Research and development expense 5,218.1

Income tax expense 3,155.2

After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions to 1 decimal place, e.g. 45.5 million.)

After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2017. (List items that increase retained earnings first. Enter amounts in millions to 1 decimal place, e.g. 45.5 million.)

11/21/2020 Exercise 1-5

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