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Accounting (Text Only)
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.
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
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 | Â | $750,000 |
| Expenses | Â | Â |
| Â Â Â Â Â Â Â Wages expense | $450,000 | ... |
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