Question

OBJ. 2 EX 4-6 Income statement; net loss The following revenue and expense account balances were taken from the ledger Wholistic Health Services Co. after the accounts had been adjusted on February 29, 2016, the end of the fiscal year: $7,500 Service Revenue 3,000 Supplies Expense 8,150 Utilities Expense 54,000 Wages Expense $448,400 2,750 33,900 360,000 Depreciation Expense Insurance Expense Miscellaneous Expense Rent Expense Prepare an income statement.

Answer 1

$20,900

Step-by-step explanation:

Preparation of income statement

Service Revenue $448,400

Less Expenses :

Depreciation Expense $ 7,500

Insurance Expense 3,000

Supplies Expense 2,750

Miscellaneous Expense 8,150

Utilities Expense 33,900

Rent Expense 54,000

Wages Expense 360,000

Total expenses $469,300

Net loss $20,900

($448,400-$469,300)

Therefore the Net loss will be $20,900