Question

the revenues and expenses of up - in - the - air travel service for the year ended april 30, 20y7, 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 list 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.

Explanation:

Step1: Calculate total expenses

$\text{Total Expenses} = 343,000 + 21,000 + 1,115,000 = 1,479,000$

Step2: Calculate net income/loss

$\text{Net Income} = 1,870,000 - 1,479,000 = 391,000$

Step3: Structure the income statement

List revenues, expenses, then net result.

Answer:

Up-in-the-Air Travel Service

Income Statement

For the Year Ended April 30, 20Y7

Description	Amount
Expenses
Office expense	$\$343,000$
Miscellaneous expense	$\$21,000$
Wages expense	$\$1,115,000$
Total expenses	$\$1,479,000$
Net Income	$\$391,000$