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20 October, 04:44

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 2018. Paradise Travel Service Income Statement For the Year Ended May 31, 2018

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  1. 20 October, 04:49
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    Net income is $135,00 from the income statement.

    Explanation:

    In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:

    Paradise Travel Service Income Statement For the Year Ended May 31, 2018

    Details ($)

    Fees earned 900,000

    Office expense (300,000)

    Miscellaneous expense (15,000)

    Wages expense (450,000)

    Net income 135,000

    Therefore, net income is $135,00 from the income statement.
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Home » Business » Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year
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