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

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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

balaji rao answered 1 year ago

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