Introductions

The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 29, 2016, the end of thefiscal year:

Depreciation Expense	$7,500
Insurance Expense	3,000
Miscellaneous Expense	8,150
Rent Expense	54,000
Service Revenue	448,400
Supplies Expense	2,750
Utilities Expense	33,900
Wages Expense	360,000

Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

CHART OF ACCOUNTS

Wholistic Health Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Office Equipment
16	Building
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Wages Payable
23	Unearned Revenue

	EQUITY
31	Stacy Tanner, Capital
32	Stacy Tanner, Drawing
33	Income Summary

LabelsExpensesFor the Year Ended February 29, 2016Amount DescriptionsNet incomeNet lossTotal expenses

Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Wholistic Health Services Co.

Income Statement

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	REVENUE
41	Service Revenue

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Utilities Expense
56	Insurance Expense
57	Miscellaneous Expense