PE 1-4B Income statement

The revenues and expenses of Sentinel Travel Service for the year ended August 31,
2014, are listed below.

Fees earned $750,000
Office expense 295,000
Miscellaneous expense 12,000
Wages expense 450,000


Prepare an income statement for the current year ended August 31, 2014.


Answer:

SENTINEL TRAVEL SERVICE
Income Statement
For the Year Ended August 31, 2014
Fees earned $750,000
Expenses:
Wages expense $450,000
Office expense 295,000
Miscellaneous expense 12,000
Total expenses 757,000
Net loss $ (7,000)