Amounts of the assets and liablities of Mary Burke Realty Company, as of July 31

ID: 2397751 • Letter: A

Question

Amounts of the assets and liablities of Mary Burke Realty Company, as of July 31, 2016, are given as follows. Also included are revenue fgures for the yoar ended on that date (all amounts in millions) expense, and selected stockholders' equity EEB (Click the icon to view the account balances.) EEB (Click the loon to view the balance sheet.) 1. Prepare the income statement of Mary Burke Reality Company for the year ended July 31, 2016. 2. What amount of dividends did Mary Burke declare during the year ended July 31, 2016? (HMint Prepare a statement of retained earnings.) Requirement 1. Prepare the income Mary statement leave the box empty, do not select a label or enter a zero.) statement of Mary Burke Realty Company for the year ended July 31, 2016. (Enter all amounts in milins. Ifa box is not used in the income Mary Burke Realty Company ncome Statement Year Ended July 31, 2016 (millions) Revenue: Total revenue 37.1 Expenses: Salary and other employee expenses13.5 Other expenses 5.5 Intereat oxgenso 19.5 Total expenses Net income (loss)

Explanation / Answer

Mary Burke Realty Company
Income statement

Year Ended July31,2016

Particulas

Amount($) in millions

Revenue:

Total revenue

37.1

Expenses:

Salary and other employee expenses

13.5

Other expenses

5.5

Interest expense

0.5

Total expenses

19.5

Net income(loss)

17.6