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The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 2017, follow:
Fees earned
$1,870,000
Office expense
343,000
Miscellaneous expense
21,000
Wages expense
1,115,000
Prepare an income statement for the year ended April 30, 20Y7. Be sure to complete the statement heading. Refer to the lists of Accounts in
the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as
positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses
should be positive. A colon (:) will automatically appear if it is required.

Sagot :

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The  income statement for the year ended April 30, 20Y7 is $391,000.

Income statement

Up-in-the-Air Travel Service Income statement for the year ended April 30, 2017

Revenue:

Fees earned $1,870,000

Expenses:

Office expense $343,000

Miscellaneous expense $21,000

Wages expense $1,115,000

Total expenses $1,479,000

Net income $391,000

($1,870,000-$1,479,000)

Therefore the net income is $391,000.

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