The assets and liabilties of Impeccable Travis Service at November 30,2010, the

Question

The assets and liabilties of Impeccable Travis Service at November 30,2010, the end of current year, and its revenue and expenses for the year are listed below. The capital of the oner, Charly Maves, was $380,000 at December 1, 20009, the beginning of the Current Year.

Accounts payable $ 42,000
Accounts Receievable $75,500
Cash 45,400
Fees Earned 754,000
Land 290,000
Miscellenous Expence 12,700
Office Expense 313,300
Supplies 5,100
Wages Expense 450,000

Prepare an income statement for the current year ended November 20, 2010

Explanation / Answer

Income Statement Revenue 754,000 less;Wages Expense 450,000 Office Expence 313,300 Miscellen. Expence 12,700 (776,000) Loss (22,000)

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