question archive Universal Services was organized on October 1, 2010
Universal Services was organized on October 1, 2010
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Universal Services was organized on October 1, 2010. A summary of the revenue and expense transaction for October follows.
Fees earned $800,000
Wages expense 270,000
Rent expense 60,000
Supplies expense 9,000
Miscellaneous expense 12,000
Prepare an income statement for the month ended October 31.
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UNIVERSAL SERVICES
Income Statement
For the Month Ended October 31, 2012
Fees earned..................................................................................... $800,000
Expenses:
Wages expense........................................................................ $270,000
Rent expense........................................................................... 60,000
Supplies expense..................................................................... 9,000
Miscellaneous expense............................................................ 12,000
Total expenses..................................................................... 351,000
Net income...................................................................................... $449,000
