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The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fiscal year ended April 30, 2019:
Depreciation Expense $11,500
Fees Earned 610,700
Insurance Expense 2,190
Miscellaneous Expense 4,600
Rent Expense 87,400
Salaries Expense 307,100
Supplies Expense 3,910
Utilities Expense 33,400
Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a - sign.

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jepessoa

Answer:

                         Laser Messenger Service

                                 Income Statement

                     For the Year Ended April 30, 2019

Revenues:

  • Fees earned                                                        $610,700

Expenses:

  • Salaries Expense             $307,100
  • Supplies Expense                $3,910
  • Rent Expense                    $87,400
  • Utilities Expense               $33,400
  • Depreciation Expense       $11,500
  • Miscellaneous Expense     $4,600                     $447,910

Net income                                                                  $162,790

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