of $370 milion. During 2016, MacDowell Services earned revenues of $392 ncome st

Question

of $370 milion. During 2016, MacDowell Services earned revenues of $392 ncome statement for the year ended December 31 MacDowell MacDowell Services, Inc, began 2016 with total assets of $255 million and ended 2016 with assets million and had expenses of $162 million. MacDowell Services paid dividends of $22 million in 2016. Prepare the company's i 2016, complete with an appropriate heading. net loss with a minus sign or all amounts in millions. For example, $100 million should be entered into the statement as $100. Enter a Prepare the income statement. (Enter parentheses. If a box is not used in the financial statement leave the box emply do not select a label or enter a zero,) MacDowell Services, Inc Income Statement Year Ended December 31,2016 millions) Net income (loss)

Explanation / Answer

Income Statement: Total revenue 392 Less: Total expense 162 Net Income 230

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