In: Accounting
The revenues and expenses of sentinel travel service for the year ended august 31,2019 follows
Particulars | Amount$ |
Fees earned | 7,50,000 |
Office expense | 2,95,000 |
Miscellaneous expense | 12,000 |
Wages expense | 4,50,000 |
Prepare an income statement for the year ended august 31,2019
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