Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:. Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Prepare an income statement for the year ended May 31, 20Y6.
Paradise Travel Service
Income Statement
For the Year Ended May 31, 20Y6
Fees earned $ 2 900,000 Expenses: Wages expense $ 4 -450,000 Office expense 6 8 Total expenses 9 $ 11

The net income from the income statement is $135,000.

Explanation:

The income statement for the year ended May 31, 20Y6 can be prepared as follows:

Paradise Travel Service

Income Statement

For the Year Ended May 31, 20Y6

Particulars                                      $                            $          

Revenue:

Fees earned                                                          900,000

Expenses:

Wages expense                       (450,000)

Office expense                         (300,000)

Miscellaneous expense            (15,000)    

Total expenses                                                    (765,000)  

Net income                                                            135,000  

Therefore, the net income from the income statement is $135,000.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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