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 $12,200 Fees Earned 990,000 Insurance Expense 5,750 Miscellaneous Expense 6,650 Rent Expense 80,000 Salaries Expense 502,400 Supplies Expense 7,150 Utilities Expense 40,000. Prepare an income statement.

Question

Ibrahim Bishop

Business

3 October, 20:34

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 $12,200 Fees Earned 990,000 Insurance Expense 5,750 Miscellaneous Expense 6,650 Rent Expense 80,000 Salaries Expense 502,400 Supplies Expense 7,150 Utilities Expense 40,000. Prepare an income statement.

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Jerome Ayala · Answer 1

Urgent Messenger Service

Income Statement

for the fiscal year ended November 30, 20Y1

$ $

Fees Earned 990,000

Supplies Expense (7,150)

Gross Income 982,850

Less: Operating Expenses

Depreciation Expense 12,200

Insurance Expense c 5,750

Miscellaneous Expense 6,650

Rent Expense 80,000

Salaries Expense 502,400

Utilities Expense 40,000

(647,000)

Net Income 335,850

Explanation:

Income statement shows the the income / loss of a business for the period. It measure the net value after deducting all the expenses from the all the incomes of the business.