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, 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.

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