PE 1-4A Income statement

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

Fees earned $1,475,000

Office expense 320,000

Miscellaneous expense 28,000

Wages expense 885,000

Prepare an income statement for the year ended November 30, 2016.

Answer:

OUSEL TRAVEL SERVICE 

Income Statement 

For the Year Ended November 30, 2016 

Fees earned $1,475,000 

Expenses: 

Wages expense $885,000 

Office expense 320,000 

Miscellaneous expense 28,000 

Total expenses 1,233,000 

Net income $  242,000