Question

Income Statement The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscal year ended November 30, 20Y1: Depreciation Expense $6,700 Fees Earned 355,800 Insurance Expense 1,270 Miscellaneous Expense 2,680 Rent Expense 50,900 Salaries Expense 178,900 Supplies Expense 2,280 Utilities Expense 19,400 Prepare an income statement for Urgent Messenger Service.

Answer 1

Answer:

$93,670

Explanation:

Preparation of an income statement for Urgent Mess

INCOME STATEMENT

Urgent messenger service

for the year ended november 30, 20Y1

REVENUE :

Fees earned $355,800

Less expenses :

depreciation expense ($6,700)

insurance expense ($1,270)

miscellaneous expense ($2,680)

rent expense ($50,900)

salaries expense ($178,900)

supplies expense ($2,280)

utilities expense ($19,400)

TOTAL EXPENSES ($262,130)

NET INCOME $93,670

($355,800-$262,130)

Therefore the income statement for Urgent Mess will be $93,670