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:

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 $ 8,650 | Rent Expense $   60,000
Fees Earned 674,000          | Salaries Expense 336,900
Insurance Expense 1,500      | Supplies Expense 4,100
Miscellaneous Expense 3,650  | Utilities Expense 41,200

Prepare an income statement.


Answers:


Fees earned$674,000
Expenses:
Salaries expense$336,900
Rent expense60,000
Utilities expense41,200
Depreciation expense8,650
Supplies expense4,100
Insurance expense1,500
Miscellaneous expense3,650
Total expenses456,000
Net income$218,000