Answer:
Net income is $135,00 from the income statement.
Explanation:
In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:
Paradise Travel Service Income Statement For the Year Ended May 31, 2018
Details                     ($) Â
Fees earned              900,000
Office expense           (300,000)
Miscellaneous expense     (15,000)
Wages expense          (450,000)
Net income               135,000
Therefore, net income is $135,00 from the income statement.
