Question

The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:

Depreciation Expense$7,600

Insurance Expense3,000

Miscellaneous Expense8,850

Rent Expense62,000

Service Revenue447,400

Supplies Expense2,500

Utilities Expense33,900

Wages Expense350,000

CHART OF ACCOUNTS
Wholistic Health Services Co.
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Office Equipment 16 Building 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income Summary	REVENUE 41 Service Revenue EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Utilities Expense 56 Insurance Expense 57 Miscellaneous Expense

Labels
Expenses
February 28, 2019
For the Year Ended February 28, 2019
Amount Descriptions
Net income
Net loss
Total expenses

Answer 1

Wholistic Health Services Co.
Income Statement
For the Year Ended February 28, 2019
Service Revenue		$447400
Expenses:
Wages Expense	$350000
Rent Expense	$62000
Utilities Expense	$33900
Depreciation Expense	$7600
Insurance Expense	$3000
Supplies Expense	$2500
Miscellaneous Expense	$8850
Total Expenses		$467850
Net Loss		($20450)