Income statementThe revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow:Fees earned$963,350Office expense221,570Miscellaneous expense19,265462,410Wages expensePrepare an income statement for the year ended August 31, 20Y6.A-One Travel ServiceIncome StatementFor the Year Ended August 31, 20Y6Line Item Description Amount AmountExpenses:Total expenses

Income statement is the financial statement which is prepared to determine the net income of the…

The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned $963,350 Office expense 221,570 Miscellaneous expense 19,265 Wages expense 462,410 Prepare an income statement for the year ended August 31, 20Y6. A-One Travel Service Income Statement For the Year Ended August 31, 20Y6 Line Item Description Amount Amount Expenses: Total expenses

The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow: Fees earned $963,350 Office expense 221,570 Miscellaneous expense 19,265 Wages expense 462,410 Prepare an income statement for the year ended August 31, 20Y6. A-One Travel Service Income Statement For the Year Ended August 31, 20Y6 Line Item Description Amount Amount Expenses: Total expenses

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable. Office supplies Trucks truck Accum Accumulated depreciation-Trucks Land Dand Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals Debit $ 8,300 17,800 3,300 175,000 88,000 Credit $ 36,300 12,900 4,300 59,500 173,000 20,300 23,800 61,900 8,300 12,300 $ 419,000 $ 419,000 133,000 The K. Wilson, Capital account balance was $173,000 at December 31 of the prior year, and there were no owner investments during the year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of owner's equity for the year ended December 31.
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