O’Conner Services, Inc., began 2016 with total assets of $235 million and ended 2016 with assets of...

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O’Conner Services, Inc., began 2016 with total assets of $235 million and ended 2016 with assets of $355 million. During 2016, O’Conner Services earned revenues of $397 million and had expenses of $164 million. O’Conner Services paid dividends of $29 million in 2016. Prepare the company’s income statement for the year ended December 31, 2016, complete with an appropriate heading.

S · Accepted Answer

Financial Accounting
Income Statement
Step-By-Step Solution:
Step 1:
Meaning of Income Statement
                   The income statement describes the income and expenses of a company to show profitability over a certain period.

O’Conner Services, Inc., began 2016 with total assets of $235 million and ended 2016 with assets of $355 million. During 2016, O’Conner Services earned revenues of $397 million and had expenses of...

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