The revenues and expenses of Adventure Travel Service for the year ended April 30, 2019, follow: Fees earned $2,180,000

The revenues and expenses of Adventure Travel Service for the year ended April 30, 2019, follow: 

Fees earned $2,180,000

Office expense 400,000

Miscellaneous expense 25,000

Wages expense 1,300,000

Prepare an income statement for the year ended April 30, 2019.

Answer:

ADVENTURE TRAVEL SERVICE

Income Statement

For the Year Ended April 30,2019

Fees earned$2,180,000 Expenses: Wages expense$1,300,000 Office expense400,000 Miscellaneous expense25,000 Total expenses1,725,000 Net income$ 455,000