The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below

The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below.


Fees earned $1,673,000
Office expense 488,000
Miscellaneous expense 34,000
Wages expense 660,000



Prepare an income statement for the current year ended April 30, 2014.


Answer:

SUNSET TRAVEL SERVICE
Income Statement
For the Year Ended April 30, 2014
Fees earned $1,673,000
Expenses:
Wages expense $660,000
Office expense 488,000
Miscellaneous expense 34,000
Total expenses 1,182,000
Net income $ 491,000