EX 1-19 Income statement

Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions for August follows:

Fees earned $783,000

Wages expense 550,000

Rent expense 35,000

Supplies expense 8,500

Miscellaneous expense 11,400

Prepare an income statement for the month ended August 31.

Answer:

DAIRY SERVICES Income Statement For the Month Ended August 31, 2016 Fees earned $783,000 Expenses: Wages expense $550,000 Rent expense 35,000 Supplies expense 8,500 Miscellaneous expense 11,400 Total expenses 604,900 Net income $178,100