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20 April, 23:41

The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:

Depreciation Expense $9,000 Service Revenue $270,900

Insurance Expense 4,000 Supplies Expense 3,000

Miscellaneous Expense 6,000 Utilities Expense 1,760

Rent Expense 4,200 Wages Expense 213,000

Prepare an income statement.

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  1. 20 April, 23:46
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    Wholistic Health Services Co.

    Income Statement for the year end February 28, 2019

    Service Revenue $270,900

    Less: Supplies Expense $3,000

    Gross Income $267,900

    Less operating Expenses:

    Insurance Expense $4,000

    Depreciation Expense $9,000

    Miscellaneous Expense $6,000

    Utilities Expense $1,760

    Rent Expense $4,200

    Wages Expense $213,000

    $237,960

    Net Income $29,940

    Explanation:

    Income statement shows the performance of the company in a year. It provides the details of revenue, expenses and profits for the year. All the expenses are deducted from the revenue to determine the net earning of the business.
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