Best Services, Inc., began 2016 with total assets of $240 million and ended 2016

Question

Best Services, Inc., began 2016 with total assets of $240 million and ended 2016 with assets of $345 million. During 2016, Best Services earned revenues of $393 million and had expenses of $167 million.Best Services paid dividends of $22 million in 2016. Prepare the company's income statement for the year ended December 31, 2016, complete with an appropriate heading Prepare the income statement. (Enter all amounts in millions. For example, $100 million should be entered into the statement as $100. Enter a net loss with a minus sign or parentheses. If a box is not used in the financial statement leave the box empty, do not select a label or enter a zero.) (millions) Net income (loss)

Explanation / Answer

Income statement of Best service Inc For the Year ending Dec 31 2016 Revenues Earned              393 ( - ) Expenses                    167 Net Income for the period 226 ( - ) Dividend paid          22 Retained Earnings 204

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