The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Accounts
Question:
Accounts (revenue and expense items) | |
Fees earned | $900,000 |
Office expense | 300,000 |
Miscellaneous expense | 15,000 |
Wages expense | 450,000 |
Prepare an income statement for the year ended May 31, 20Y6. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign.
Labels and Amount Descriptions
Labels | |
Expenses | |
For the Year Ended May 31, 20Y6 | |
May 31, 20Y6 | |
Amount Descriptions | |
Net income | |
Net loss | |
Total expenses |
Income Statement
Prepare an income statement for the year ended May 31, 20Y6. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign.
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider