Click the icon to view the account balances.) (Click the icon to view the balance sheet.) the requirements irement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field (millions) Reference Revenue: Mimi Mac Realty Company Expenses: Balance Sheet July 31, 2021 (Millions) Assets Liab Cash 57.7 Current liabilities Receivables 0.7 Long-term liabilities Net income (loss) Investment assets 76.1 Total liabilities

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions):
E (Click the icon to view the account balances.)
(Click the icon to view the balance sheet.)
Read the requirements.
Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label or enter a zero.)
- X
(millions)
Reference
Revenue:
Mimi Mac Realty Company
Expenses:
Balance Sheet
July 31, 2021
(Millions)
Assets
Liabilities
Cash
$
57.7 Current liabilities
$
2.5
102.1
Receivables
0.7 Long-term liabilities
Net income (loss)
Investment assets
76.1
Total liabilities
104.6
Property and equipment, net
1.9
10.2
Other assets
Stockholders' Equity
Requirements
Common stock
38.8
3.2
Retained earnings
42.0
1. Prepare the income statement of Mimi Mac Realty Company for the year
ended July 31, 2021.
Total stockholders' equity
$ 146.6
146.6
Total assets
Total liabilities and stockholders' equity
2. What amount of dividends did Mimi Mac declare during the year ended July
31, 2021? (Hint. Prepare a statement of retained earnings.)
Transcribed Image Text:The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions): E (Click the icon to view the account balances.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label or enter a zero.) - X (millions) Reference Revenue: Mimi Mac Realty Company Expenses: Balance Sheet July 31, 2021 (Millions) Assets Liabilities Cash $ 57.7 Current liabilities $ 2.5 102.1 Receivables 0.7 Long-term liabilities Net income (loss) Investment assets 76.1 Total liabilities 104.6 Property and equipment, net 1.9 10.2 Other assets Stockholders' Equity Requirements Common stock 38.8 3.2 Retained earnings 42.0 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. Total stockholders' equity $ 146.6 146.6 Total assets Total liabilities and stockholders' equity 2. What amount of dividends did Mimi Mac declare during the year ended July 31, 2021? (Hint. Prepare a statement of retained earnings.)
The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions):
E (Click the icon to view the account balances.)
(Click the icon to view the balance sheet.)
Read the requirements.
Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label
Data table
(millions)
Revenue:
Total revenue
$
27.2
Investment assets (long-term) $
76.1
Receivables
0.7
Property and equipment, net
1.9
Expenses:
Current liabilities
2.5
Other expenses
5.4
Common stock
38.8
Retained earnings, beginning
1.2
Interest expense
1.4
Retained earnings, ending
Salary and other employee expenses
13.5
Cash
57.7
Long-term liabilities
102.1
Other assets (long-term)
10.2
Net income (loss)
Print
Done
Requirements
1. Prepare the income statement of Mimi Mac Realty Company for the year
ended July 31, 2021.
2. What amount of dividends did Mimi Mac declare during the year ended July
31, 2021? (Hint: Prepare a statement of retained earnings.)
Clear all
Transcribed Image Text:The following are the assets and liabilities of Mimi Mac Realty Company, as of July 31, 2021. Also included are revenue, expense, and selected stockholders' equity figures for the year ended on that date (amounts in millions): E (Click the icon to view the account balances.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. (Enter all amounts in millions. If an input field is not used in the income statement leave the field empty; do not select a label Data table (millions) Revenue: Total revenue $ 27.2 Investment assets (long-term) $ 76.1 Receivables 0.7 Property and equipment, net 1.9 Expenses: Current liabilities 2.5 Other expenses 5.4 Common stock 38.8 Retained earnings, beginning 1.2 Interest expense 1.4 Retained earnings, ending Salary and other employee expenses 13.5 Cash 57.7 Long-term liabilities 102.1 Other assets (long-term) 10.2 Net income (loss) Print Done Requirements 1. Prepare the income statement of Mimi Mac Realty Company for the year ended July 31, 2021. 2. What amount of dividends did Mimi Mac declare during the year ended July 31, 2021? (Hint: Prepare a statement of retained earnings.) Clear all
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