The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, 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, 20Y6. 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.

Labels and Amount Descriptions

Labels
Expenses
For the Year Ended May 31, 20Y6
May 31, 20Y6
Amount Descriptions
Net income
Net loss
Total expenses

Income Statement

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

 

Paradise Travel Service Income Statement (Label) 1 2 (Label) 3 6 7 4,