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.

Question

Business

Heidi Anderson

30 January, 13:36

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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Cantrell · Answer 1

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