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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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