Question

JONES'S TRAVEL AGENCY Llabilities + Assets Owner's Equity Accounts Owner's Accounts Receivable Owner's Drawings + + Supplies + Equipment - + Revenues 5400

Answer 1

Before preparing Income Statement lets understand what is Income Statement

The Incomer Statement is a report that shows the income/revenue, expenses and resulting profit and loss of an business entity during a specific time period.

JONES'S TRAVEL AGENCY
Income Statement
For the Month Ended April 30, 2017
	Amount
Revenues	$ 11,000
Less: Total Expenses	$ 4,200
Net Income	$ 6,800

Generally Income Statement is prepared by the following way:

Income Statement
	Amount
Revenue/Sales	***
Less: Cost of Goods Sold	(***)
Gross Profit (or Loss)	***
Less: Operating Expenses (like selling expenses, general and administrative expenses etc.)	(***)
Operating Income (or Loss)	***
Add:Other income (like interest income)	***
Less: Other Expenses (like interest expenses)	(***)
Profit or Income Before Taxes	***
Less: Income tax expenses	(***)
Net Income (or Loss)	***

or

Income Statement
Revenues	***
Sales	***
Interest	***
Total Revenue	***
Expenses	***
Cost of Goods Sold	***
Depreciation	***
All other expenses	***
Income Taxes	***
Total Expenses	***
Net Income (or Loss)	***

But in this problem details information of the expenses is not available for this here,

Net Income = Total Revenue - Total Expenses.