Question

The revenues and expenses of Chickadee Travel Service for the year ended April 30, 2019, follow:

Fees earned $263,200

Miscellaneous expense 12,950

Office expense 63,000

Wages expense 131,700

Prepare an income statement for the year ended April 30, 2019.

Answer 1

We must list the receipts and expenditures and compute the net income in order to create an income statement for Chickadee Travel Service for the fiscal year that concluded on April 30, 2019. The income statement is as follows:

                                   Chickadee Travel Service

                                   Income Statement

                                  For the Year Ended April 30,2019

 

Particulars	Amount$	Amount$
Fees earned		2,63,200
Expenses :
Wages Expense	1,31,700
Office Expense	63,000
Miscellaneous Expense	12,950
Total Expense		2,07,650
Net income		55,550

As a result, the income statement for Chickadee Travel Service for the fiscal year ended April 30, 2019, displays a net income of $55,550.