Jameson Ltd. earned revenues of $42 million during the year and ended it with income of $13 million. During the year, Jameson Ltd. collected $34 million from customers and paid cash for all of its expenses plus an additional $4 million for accounts payable. Read the requirements. Requirement 1. How much were the company's total expenses? Show your work. Calculate Jameson's total expenses for the year. (Enter amounts in millions as provided to you in the problem statement. Use parentheses or a minus sign for numbers to be subtracted.) Total Expenses Requirement 2. Identify all the items that Jameson will report on its income statement for the year. Show each amount. (Enter amounts in millions as provided to you in the problem statement. Use parentheses or a minus sign for numbers to be subtracted.) Requirement 3. Jameson began the year with receivables of $11 million. All sales were on account. What was the company's receivables balance at the end of the year? Identify the appropriate financial statement, and show how Jameson will report ending receivables on its balance sheet at the end of the year. (Enter amounts in millions as provided to you in the problem statement. Use parentheses or a minus sign for numbers to be subtracted.) Ending Receivables Activate Windows Requirement 3. Jameson began the year with receivables of $11 million. All sales were on account. What was the company's receivables balance at the end of the year? Identify the appropriate financial statement, and show how Jameson will report ending receivables on its balance sheet at the end of the year. (Enter amounts in millions as provided to you in the problem statement. Use parentheses or a minus sign for numbers to be subtracted.) Ending Receivables The receivables balance will be reported on the in the section under the heading of Requirement 4. Jameson began the year owing accounts payable totalling $6 million. How much in accounts payable did the company owe at the end of the year? Identify the appropriate financial statement, and show how Jameson will report these accounts payable in its financial statements for the year. (Enter amounts in millions as provided to you in the problem statement. Use parentheses or a minus sign when subtracting numbers.) Ending Accounts Payable The accounts payable balance will be reported on the in the section under the heading of Required of Answer these questions about Jameson's operating results, financial position, and cash flows during the year. 1. How much were the company's total expenses? Show your work. 2. Identify all the items that Jameson will report on its income statement for the year. Show each amount. 3. Jameson began the year with receivables of $11 million. All sales were on account. What was the company's receivables balance at the end of the year? Identify the appropriate financial statement, and show how Jameson will report ending receivables on its balance sheet at the end of the year. 4. Jameson began the year owing accounts payable totalling $6 million. How much in accounts payable did the company owe at the end of the year? Identify the appropriate financial statement, and show how Jameson will report these accounts payable in its financial statements for the year. ye Print Done - Fi L