The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 450,000 Prepare an income statement for the year ended August 31, 2019. A net loss should be entered as a negative amount.

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Chapter3: Accrual Accounting
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Problem 10MCQ: Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income...
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Income Statement

The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow:

Fees earned $750,000
Office expense 295,000
Miscellaneous expense 12,000
Wages expense 450,000

Prepare an income statement for the year ended August 31, 2019. A net loss should be entered as a negative amount.

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