Instructions The following account balances were taken from the adjusted trial b
ID: 2424234 • Letter: I
Question
Instructions The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fisca 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. Labels and Amount Descriptions Labels Expenses April 30, 2016 For the Year Ended April 30, 2016 Amount Descriptions Net income Net loss Total expenses Income Statement 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.Explanation / Answer
Laser Messenger Service Income statement For the year Ended April 30,2016 Revenue Fees Earned $684,000 Expenses Supplies Expense 3700 Utilities expenses 42800 salaries Expenses 339500 Rent expenses 53000 Insurance expense 1000 Depreciation expense 8850 Miscelleneous expense 3650 Expenses for the year ended April 30.2016 452500 Net Income $231,500 Ans