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

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

ParticularsAmount$
Fees earned7,83,000
Wages expense5,50,000
Rent expense35,000
Supplies expense8,500
Miscellaneous expense11,400

Prepare an income statement for the month ended August 31

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Expert Solution

The term "income statement" refers to the financial statement that details the revenues, costs, and outcome of corporate activities as net income or net loss for a certain time period.

Dairy Service

Income Statement

For the month ended August 31,2019

Particulars Amount$ Amount$
Fees Earned   7,83,000
Expenses :    
Wages Expense 5,50,000  
Rent Expense 35,000  
Supplies Expense 8,500  
Miscellaneous expense 11,400  
Total Expense   6,04,900
Net income   1,78,100

 

Therefore, income statement of Dairy service shows a net income of $1,78,100 for the month ended August 31,2019

balaji rao answered 2 years ago
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