The assets and liabilities of Herat Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Lola Stahn, was $75,000 at July 1, 2007, the beginning of the current year.

Prepare an income statement for the current year ended June 30,2008.

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Accounts payable 1 5,300 Micellaneous expense 3,150 24,350 70,800 Supplies Accounts receivable Cash Fees earned Land Office expense 91,350 5,350 181,500 378,200 Wages expense 100,000