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Income statement
The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below.
Fees earned
$1,673,000
Office expense
488,000
Miscellaneous expense
34,000
Wages expense
660,000
Prepare an income statement for the current year ended April 30, 2014.
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Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2012. This difference will reverse as follows: 2013, $42,000; 2014, $244,000; and 2015, $294,000.
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