Question

Income Statement Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows: Fees earned $370,400 Wages expense 188,900 Miscellaneous expense 12,200 Rent expense 36,700 Supplies expense 11,500 Prepare an income statement for the month ended August 31.

Answer 1

Income Statement for the Month Ended August 31.

$ $

Fees earned 370,400

Wages expense 188,900

Miscellaneous expense 12,200

Rent expense 36,700

Supplies expense 11,500

Total Expenses 249,300

Net Profit 121,100

Step-by-step explanation:

In preparing the income statement, all the expenses are added and subtracted from the gee earned to arrive at the net income or net profit.

Income Statement for the Month Ended August 31.

$ $

Fees earned 370,400

Wages expense 188,900

Miscellaneous expense 12,200

Rent expense 36,700

Supplies expense 11,500

Total Expenses 249,300

Net Profit 121,100