Income statement

Question

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.