The revenues and expenses of Ousel Travel Service for the year ended November 30

Question

The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow.

Prepare an income statement for the year ended November 30, 2016. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign.

Accounts (revenue and expense items) Fees earned $1,429,000 Office expense 302,000 Miscellaneous expense 27,000 Wages expense 875,000

Explanation / Answer

Ousel travel Service

Income statement

For the years ended November 30, 2016

Fees earned $1,429,000 Expenses: Wages expense $875,000 Office expense $302,000 Miscellaneous expense $27,000 Total expenses $1,204,000 Net income $225,000

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