The following account balances were taken from the adjusted trial balance for La
ID: 2342647 • Letter: T
Question
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, 2016:
Prepare an income statement. If a 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 Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
Depreciation Expense $8,600 Fees Earned 664,000 Insurance Expense 1,700 Miscellaneous Expense 3,750 Rent Expense 59,000 Salaries Expense 338,000 Supplies Expense 4,200 Utilities Expense 42,200Explanation / Answer
Laser Messenger Service Income Statement For the year ended April 30, 2016 Revenue Fees Earned 664,000 Expenses Depreciation Expense 8,600 Insurance Expense 1,700 Miscellaneous Expense 3,750 Rent Expense 59,000 Salaries Expense 338,000 Supplies Expense 4,200 Utilities Expense 42,200 Total expenses 457,450 Net Income 206,550