E130A similar to During 2016 Miller utilities expense of 20

E1-30A (similar to) During 2016, Miller utilities expense of $20 million. Miller declared and paid dividends of $20 million during the year. At December 31, 2016, Miller has cash of $185 million, accounts payable of $59 million and has a Miller has total stockholders\' equity of $195 million, which consists of common stock and retained earnings. Miller has a year-end of December 31. Help y eaned revenues of $146 million. Miller incurred, during that same year, salary expense of $25 million, rent expense of $17 million, and of $40 million, property and of $35 million, and other long-term assets of $23 million. At December 31, 2016, the company owes accounts note payable of $29 million. Miller began 2016 with a balance in retained earnings of $74 million. At December 31, 2016, Requirement 1. Prepare the income statement (with a proper heading) for 2016. (Enter all amounts in millions. If a box is not used in the income statement, leave the box empty; do not select a label or enter a zero.) Choose from any list or enter any number in the input fields and then click Check Answer

Solution

Prepare income statement :

Miller Company
Income Statement
For the year ended 31st December 2016
		(millions)
Revenue :
Sales		146
Expenses :
Salary expenses	25
Rent expenses	17
Utilities expenses	20	(62)
Net income		84