The assets and liabilities of Leotard Travel Service at February 28, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Harry Thompson, was $190,000 at March 1, 2007, the beginning of the current year.

Prepare an income statement for the current year ended February 28,2008.

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Accounts payable Accounts receivable Cash Fees earned Land 21,000 Miscellaneous expense 37,750 Office expense 22,700 upplies 377,000 145,000 6,350 156,650 2,550 225,000 Wages expense