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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Income statement

The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2016, 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, 2016.

To determine

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To prepare: Income statement of ST Service for the year ended August 31, 2016

Explanation

Prepare income statement for ST Service for the year ended August 31, 2016.

ST Service
Income Statement
For the Year Ended August 31, 2016
Fees earned   $750,000
Expenses    
        Wages expense $450,000 ...

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