Question

Income Statement Wayne Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $1,530 Fuel Expense 5,340 Maintenance and Repairs Expense 2,601 Other Expense 8,262 Provision for Income Taxes 1,331 Purchased Transportation 1,989 Rentals and Landing Fees 2,892 Revenues 40,851 Salaries and Employee Benefits 14,581 Prepare an income statement.

Answer 1

Answer:

See

Explanation:

Income statement

Revenue

Expenses

Salaries and employees benefit

$14,581

Purchased transportation

$1,989

Fuel expense

$5,340

Rental and landing fees

$2,892

Depreciation expense

$1,530

Maintenance and repair expense

$2,601

Provision for income tax

$1,331

Other expense(revenue net)

$8,292

Total expense

($38,556)

Net income