EX 4-6 Income statement; net loss

The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:

Depreciation Expense $  7,500 | Service Revenue $448,400
Insurance Expense 3,000       | Supplies Expense 2,750
Miscellaneous Expense 8,150   | Utilities Expense 33,900
Rent Expense 54,000           | Wages Expense 360,000

Prepare an income statement.


Answers:

Service revenue$448,400
Expenses:
Wages expense$360,000
Rent expense54,000
Utilities expense33,900
Depreciation expense7,500
Insurance expense3,000
Supplies expense2,750
Miscellaneous expense8,150
Total expenses469,300
Net loss$ (20,900)