The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow: Fees earned $899,600 Office expense 353,800 Miscellaneous expense 14,400 Wages expense 539,800 Prepare an income statement for the year ended August 31, 20Y4. A net loss should be entered as a negative amount. Zenith Travel Service Income Statement For the Year Ended August 31, 20Y4 Expenses: Total expenses
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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- Accounts payable
Accounts receivable - Cash
- Fees earned
- Owner, capital
- Supplies
- Fees earned
- Land
- Owner, drawing
- Supplies
- Wages expense
- Accounts payable
- Cash
- Fees earned
- Office expense
- Owner, capital
- Accounts receivable
- Cash
- Land
- Miscellaneous expense
- Owner, drawing
- Net income
- Net loss
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