Question

Income Statement Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows: Fees earned $370,400 Wages expense 188,900 Miscellaneous expense 12,200 Rent expense 36,700 Supplies expense 11,500 Prepare an income statement for the month ended August 31.

Answer 1

Answer:

Income Statement for the Month Ended August 31.

                                                  $                               $

Fees earned                                                         370,400

Wages expense                   188,900

Miscellaneous expense         12,200

Rent expense                         36,700

Supplies expense                    11,500        

Total Expenses                                                       249,300        

Net Profit                                                                  121,100        

Explanation:

In preparing the income statement, all the expenses are added and subtracted from the gee earned to arrive at the net income or net profit.

Income Statement for the Month Ended August 31.

                                                    $                               $

Fees earned                                                         370,400

Wages expense                   188,900

Miscellaneous expense         12,200

Rent expense                         36,700

Supplies expense                    11,500        

Total Expenses                                                       249,300        

Net Profit                                                                  121,100