The net income of Island Breeze Tours for the month ended April 30, 2020, is $32,950.
<h3>What is net income?</h3>
The net income of Island Breeze Tours is the amount that is left after the costs (expenses) of rendering tour services are subtracted from the revenue.
For a trading organization, it is the revenue less the cost of goods sold and other administrative and selling expenses, including taxes. Thus, the net income is the profit earned for the owners by the business during a business period.
<h3>Data and Calculations:</h3>
Island Breeze Tours
<h3>Adjusted Trial Balanced</h3>
As of April 30, 2020
Debit Credit
Cash $9,300
Accounts Receivable 1,200
Supplies 800
Prepaid Insurance 3,800
Equipment 42,000
Accumulated Depreciation-Equipment $3,450
Accounts Payable 1,500
Salaries and Wages Payable 1,200
Unearned Rent Revenue 3,000
Owners Capital 15,000
Service Revenue 66,800
Rent Revenue 5,500
Salaries and Wages Expense 28,400
Supplies Expense 900
Rent Expense 6,000
Insurance Expense 2,400
Depreciation Expense 1,650
Totals $96,450 $96,450
Island Breeze Tours
<h3>Income Statement</h3>
For the month ended April 30, 2020
Service Revenue $66,800
Rent Revenue 5,500
Total Revenue $72,300
Expenses:
Salaries and Wages Expense $28,400
Supplies Expense 900
Rent Expense 6,000
Insurance Expense 2,400
Depreciation Expense 1,650 $39,350
Net income $32,950
Thus, the net income of Island Breeze Tours for the month ended April 30, 2020, is $32,950.
Learn more more about determining the net income at brainly.com/question/24778422
