Question

In: Accounting

The revenues and expenses of sentinel travel service for the year ended august 31,2019 follows

The revenues and expenses of sentinel travel service for the year ended august 31,2019 follows

ParticularsAmount$
Fees earned7,50,000
Office expense2,95,000
Miscellaneous expense12,000
Wages expense4,50,000

Prepare an income statement for the year ended august 31,2019

 

Solutions

Expert Solution

The income statement is the financial statement that summarises revenues and costs from company activities as well as the result of those operations as net income or net loss for a certain time period.

Sentinel travel service

Income Statement

For the year ended August 31,2019

Particulars Amount$ Amount$
Fees earned   7,50,000
Expenses    
Wages expense 4,50,000  
Office expense 2,95,000  
Miscellaneous expense 12,000  
Total expenses   7,57,000
Net loss   7,000

 


Therefore, income statement of Sentinel travel service shows a net loss of $7,000 for the year ended August 31,2019

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