Question

The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $62,570 at May 1, 20Y4, the beginning of the year, and the owner withdrew $33,800 during the year.
Accounts payable $18,970
Accounts receivable 101,580
Cash 205,040
Fees earned 712,700
Miscellaneous expense 5,540
Rent expense 92,300
Supplies 8,830
Supplies expense 14,770
Taxes expense 10,000
Utilities expense 55,380
Wages expense 263,700


Required:
Prepare an income statement for the year ended April 30, 20Y5.

Answer 1

The income statement for the year ended April 30, 20Y5 is $271,010.

Income statement:

Wilderness Travel Service income statement for the year ended April 30, 20Y5

Revenue:

Fees earned $712,700

Expenses:

Miscellaneous expense $5,540

Utilities expense $55,380

Supplies expense $14,770

Rent expense $92,300

Taxes expense $10,000

Wages expense $263,700

Total expenses $441,690

Net income $271,010

($712,700-$441,690)

Inconclusion the income statement for the year ended April 30, 20Y5 is $271,010.

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