Question: Idyllwild Services was organized on August 1, 2010. A summary of the revenue and expense transactions for August follows: Fees earned $800,000 Wages expense 380,000

Idyllwild Services was organized on August 1, 2010. A summary of the revenue and expense transactions for August follows:
Fees earned $800,000
Wages expense 380,000
Miscellaneous expense 17,500
Rent expense 42,200
Supplies expense 8,300
Prepare an income statement for the month ended August 31.

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