Question

Income statement

The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow:

Account Amount
Fees earned $767,050
Office expense 176,420
Miscellaneous expense 15,340
Wages expense 368,185

Prepare an income statement for the year ended August 31, 20Y6.

Answer 1

Here’s the income statement for A-One Travel Service for the year ended August 31, 20Y6:

**A-One Travel Service**
**Income Statement**
**For the Year Ended August 31, 20Y6**

| **Revenues** | Amount |
|----------------------------------|--------------|
| Fees earned | $767,050 |
| **Total Revenues** | **$767,050** |

| **Expenses** | |
|----------------------------------|--------------|
| Office expense | $176,420 |
| Miscellaneous expense | $15,340 |
| Wages expense | $368,185 |
| **Total Expenses** | **$560,945** |

| **Net Income** | |
| **(Total Revenues - Total Expenses)** | **$206,105** |

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### Summary:
- Total Revenues: $767,050
- Total Expenses: $560,945
- Net Income: $206,105

This income statement provides a clear view of the company's revenues, expenses, and resulting net income for the fiscal year ending August 31, 20Y6.