Homework SourseIncome Statement Net Loss The following revenue and expense
Income Statement; Net Loss 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 $11,600 Insurance Expense 5,680 Miscellaneous Expense 4,520 Rent Expense 46,900 Service Revenue 222,700 Supplies Expense 2,780 Utilities Expense 17,860 Wages Expense 175,200
Solution
Calculate net loss :
| Service revenue | 222700 | |
| Expense | ||
| Depreciation expense | -11600 | |
| Insurance expense | -5680 | |
| Miscellaneous expense | -4520 | |
| Rent expense | -46900 | |
| Supplies expense | -2780 | |
| Utilities expense | -17860 | |
| Wages expense | -175200 | |
| Total expense | -264540 | |
| Net income (loss) | -41840 | |
