Presented below is financial information related to the 2020 operations of Louisa Cruise Company. Maintenance and repairs

Question:

Presented below is financial information related to the 2020 operations of Louisa Cruise Company.

Maintenance and repairs expense ......................... $ 92,000
Utilities expense ........................................................ 10,000
Salaries and wages expense .................................... 142,000
Advertising expense .................................................. 3,500
Ticket revenue ............................................................ 328,000

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Prepare the 2020 income statement for Louisa Cruise Company.

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LOUISA CRUISE COMPANY Income Statement For the Year Ended December 31 2020 Revenues Ticket revenue 328000 Expenses Salaries and wages expense 142000 Maintenance and repairs expense 92000 Utilities expense 10000 Advertising expense 3500 Total expenses 247500 Net income 80500 Ticket rev ...View the full answer

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