The revenues and expenses of Paradise Travel Service for the year ended May 31,2018  Fee's 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.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 3MC
icon
Related questions
Topic Video
Question

The revenues and expenses of Paradise Travel Service for the year ended May 31,2018 

Fee's 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.

 

Expert Solution
Step 1:- Concept Used

The Numerical has covered the concept of Income Statement. 

Income Statement is prepared at the end of the accounting period to calculate the net income for the company for an an particular accounting period.This Statement helps to know the owner of the bossiness that how much the organisation earns from their invested capital.

 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage