Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow: Account Amount Fees earned $958,090 Office expense 220,360 Miscellaneous

The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow:

Account Amount
Fees earned $958,090
Office expense 220,360
Miscellaneous expense 19,160
Wages expense 459,885

Prepare an income statement for the year ended August 31, 20Y6.

A-One Travel Service Income Statement For the Year Ended August 31, 20Y6
Line Item Description Amount Amount

Accounts receivableCommon stockCashFees earnedLand

$- Select -
Expenses:

Accounts payableCashDividendsSuppliesWages expense

$- Select -

Accounts payableAccounts receivableCommon stockLandOffice expense

- Select -

CashDividendsFees earnedLandMiscellaneous expense

- Select -
Total expenses Total expenses

Fees earnedMiscellaneous expenseNet incomeNet lossOffice expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michael J. Jones

1st Edition

0470058986, 978-0470058985

More Books

Students also viewed these Accounting questions