Prepare and income statement for the following:

Labels:

Expenses for the Year Ended May 31, 2018

May 31, 2018

Amount Descriptions:

Net Income

Net Loss

Total Expenses

The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts (revenue and expense items) Fees 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. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (-) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign