The assets and liabilities of Express Travel Service at June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed at the top of the following page. The capital of the owner, Janis Paisley, was $125,000 at July 1, 2009, the beginning of the current year.
Accounts payable $ 12,000
Miscellaneous expense $ 8,000
Accounts receivable 32,000
Office expense 111,000
Cash 78,000
Supplies 6,000
Fees earned 475,000
Wages expense 239,000
Land 150,000
Prepare an income statement for the current year ended June 30, 2010.