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.
Answer:
SENTINEL TRAVEL SERVICE
Income Statement
For the Year Ended August 31, 2019
Fees earned$750,000 Expenses: Wages expense$450,000 Office expense295,000 Miscellaneous expense12,000 Total expenses757,000 Net loss$ (7,000)