Question

​Services, Inc., began 2018 with total assets of $220 million and ended 2018 with total assets of $375 million. During 20182018​, McKayMcKay Services earned revenues of $ 400$400 million and had expenses of $161 million. McKay Services declared and paid dividends of $21 million in 2018. Prepare the​ company's income statement for the year ended December​ 31, 2018​, complete with an appropriate heading.

Answer 1

Answer:

Explanation:

                                                  Service, Inc  

                                            Income statement

                       For the year ended December​ 31, 2018

Particulars                Amount

Revenues

Service revenues      $400 million

Less: Expenses

Expenses                  -$161 million

Net income               $239 million

The income statement recognized only the total revenues earned and the total expenses incurred for a particular period.