Income Statement Labels and Amount Descriptions Income Statement The following a
ID: 2335350 • Letter: I
Question
Income Statement Labels and Amount Descriptions Income Statement The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscalyear ended November 30, 2018 Depreciation expense Fees earned Insurance expense Miscellaneous expense Rent expense Salaries expense Supplies expense Utilities expense $8,800 672,000 1,400 3,650 52,000 339,000 3,500 42,600 Prepare an income statementa net loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement heading Refer to the instructions and the list of Labels and Amount Descriptions for the exact wording of text entries You will not need to enter colons on the income statementExplanation / Answer
Urgent Messenger Service Income Statement For the year ended November 30, 2018 Fees Earned 672000 Expenses Rent expense 52000 Insurance expense 1400 Depreciation expense 8800 Salaries expense 339000 Supplies expense 3500 Utilities expense 42600 Miscellanous expense 3650 Total expenses 450950 Net Income 221050