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19 December, 12:12

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $954,210 Office expense 219,470 Miscellaneous expense 19,085 Wages expense 458,020 Prepare an income statement for the year ended May 31, 20Y6. Paradise Travel Service Income Statement For the Year Ended May 31, 20Y6

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  1. 19 December, 14:20
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    Instructions are listed below

    Explanation:

    An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period. The income statement focuses on the four key items - revenue, expenses, gains, and losses. It does not cover receipts (money received by the business) or the cash payments/disbursements (money paid by the business).

    It follows the general structures:

    Revenues (+)

    Operating Revenue

    Non-Operating Revenue

    Total

    Expenses (-)

    Primary Activity Expenses

    Secondary Activity Expenses

    Total

    Gains (+)

    Losses (-)

    Net income/loss

    In this exercise:

    Total revenues=$954210

    Expenses:

    Office expense 219470

    Miscellaneous expense 19085

    Wages expense 458020

    Total Expenses=$696575

    Net profit = $275635
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