v2.cengagenow.com Lessons- ACCT11O0-o come statement The nexenves and expenses o

Question

v2.cengagenow.com Lessons- ACCT11O0-o come statement The nexenves and expenses of Ousel Travel Service for the year ended November 30, 2016, tollow Fees eamed Office expense 1.475,000 320,000 8,000 85,000 wagis expense Prpare an income statement for the year ended November 30, 2016. Refer to the lists of Accounts, Labels and Amount Desorijptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will austomaticaly appear if t is required. If a net loss is incurred, enter hat amount as a negative number using a minus sign 0

Explanation / Answer

           Income Statement

        For the year Ended 30 November,2016

Fees earned = 1475000

Expense:

Wages expense 885000

Office expense 320000

Miscellaneous expense 28000   

  Total expenses = 1233000

Net Income = 242000

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