Learning Objective

Learning Objective 5: Construct

(Learning Objective 5: Construct an income statement) O’Malley Services, Inc., began 2014 with total assets of $216 million and ended 2014 with assets of $358 million. During 2014, O’Malley Services earned revenues of $398 million and had expenses of $167 million. O’Malley Services paid dividends of $25 million in 2014. Prepare the company’s income statement for the year ended December 31, 2014, complete with an appropriate heading