Question 1
a) Answer
GLOKAL SERVICES
Income Statement
For the Month Ended FEBRUARY 28, 2014
Revenues
Fees Earned $479,280
Expenses
Wages Expenses $310,600
Rent expenses 60,000
Supplies Expenses 6,200
Miscellaneous 11,150
Total Expenses 387,950
Total income $91,330
Question 2
1. Answer.
RELIANCE TRAVEL SERVIES
Income Statement
For the Year Ended August 31, 2015
Revenues
Fees Earned $375,000
Expenses
Supplies expenses $8,250
Taxes expenses 6,400
Utilities Expenses 31,200
Miscellaneous expenses 3,150
Wages expenses 145,400
Rent expenses 50,600
Total Expenses 245,000
Net Income $130,000
2) Answer
RELIANCE TRAVEL SERVIES
