Introductions

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 29, 2016, the end of thefiscal year:

Depreciation Expense	$7,500
Insurance Expense	3,000
Miscellaneous Expense	8,150
Rent Expense	54,000
Service Revenue	448,400
Supplies Expense	2,750
Utilities Expense	33,900
Wages Expense	360,000

Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

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 LabelsExpensesFor the Year Ended February 29, 2016Amount DescriptionsNet incomeNet lossTotal expenses Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Wholistic Health Services Co. Income Statement 1 2 3 4 5 6 7 8 9 10 11	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