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 $8,550 Fees Earned 684,000 Insurance Expense 1,200 Miscellaneous Expense 3,600 Rent Expense 60,000 Salaries Expense 336,300 Supplies Expense 3,500 Utilities Expense 41,800 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.

Answer 1

Answer:

Income Statement for the year ended April 30,2019

Particulars             Amount($)        Amount($)

Revenues  

Fees earned                                  $684000

Expenses  

Depreciation             $8550  

Insurance             $1200  

Miscellaneous     $3600  

Rent                     $60000  

Salaries                     $336300  

Supplies                     $3500  

Utilities                     $41800  

Total expenses                           ($454950)

Net income                                    $229050.

Explanation: