Prime services, inc., began 2018 with total assets of $ 255 million and ended 2018 with total assets of $ 350 million. during 2018, prime services earned revenues of $ 393 million and had expenses of $ 168 million. prime services declared and paid dividends of $ 29 million in 2018. prepare the company's income statement for the year ended december 31, 2018, 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)

Total Revenues=$393

Total Expenses=$168

Net profit=$225 million

Explanation:

An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period. The income statement focuses on the four key items - revenue, expenses, gains, and losses. It does not cover receipts (money received by the business) or the cash payments/disbursements (money paid by the business).

The general structure of an income statement proceeds as follow:

Revenue/Sales (+)

Cost of Goods Sold (COGS) (-)

=Gross Profit

Marketing, Advertising, and Promotion Expenses (-)

General and Administrative (G&A) Expenses (-)

=EBITDA

Depreciation & Amortization Expense (-)

=Operating Income or EBIT

Interest (-)

Other Expenses (-)

=EBT (Pre-Tax Income)

Income Taxes (-)

=Net Income

In this exercise:

Total Revenues=$393

Total Expenses=$168

Net profit=$225 million

Note: dividends shouldn't be included in the Income Statement

answer$225.00;