Question

Dairy Services was organized on August 1, 2019. A summary of the revenue and expense transactions for August follows:

Accounts

Fees earned$760,000

Wages expense540,000

Rent expense35,000

Supplies expense9,000

Miscellaneous expense11,900

Prepare an income statement for the month ended August 31. Refer to the lists of Accounts, Labels, and Amount Descriptions provided 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.

use the following labels

Labels
Expenses
For the Month Ended August 31, 2019
Amount Descriptions
Net income
Net loss
Total expenses

Answer 1

INCOME STATEMENT OF DAIRY SERVICES

FOR THE MONTH ENDED AUGUST 31,2019

AMOUNT DESCRIPTIONS	$	$
REVENUE
FEES EARNED	760000
TOTAL REVENUE(A)		760000
EXPENSES
WAGES EXPENSE	540000
RENT EXPENSE	35000
SUPPLIES EXPENSE	9000
MISCELLANEOUS EXPENSE	11900
TOTAL EXPENSES(B)		595900
NET INCOME(A-B)		164100