The following account balances were taken from the adjustedtrial balance for Laser Messenger Service,...

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Accounting

The following account balances were taken from the adjustedtrial balance for Laser Messenger Service, a delivery service firm,for the fiscal year ended April 30, 2016:
Depreciation Expense $8,600
Fees Earned 664,000
Insurance Expense 1,700
Miscellaneous Expense 3,750
Rent Expense 59,000
Salaries Expense 338,000
Supplies Expense 4,200
Utilities Expense 42,200
Prepare an income statement. If a net loss has been incurred,enter that amount as a negative number using a minus sign. Be sureto complete the statement heading. Refer to the Chart of Accountsfor exact wording of account titles. Use the list of Labels andAmount Descriptions for the correct wording of text items otherthan account names. You will not need to enter colons (:) on theincome statement.

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	Laser Messenger Service
	Income Statement
	For the year ended April 30, 2016

Revenue
	Fees Earned		664,000
Expenses
	Depreciation Expense	8,600
	Insurance Expense	1,700
	Miscellaneous Expense	3,750
	Rent Expense	59,000
	Salaries Expense	338,000
	Supplies Expense	4,200
	Utilities Expense	42,200

	Total expenses		457,450

	Net Income		206,550

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Transcribed Image Text

In: AccountingThe following account balances were taken from the adjustedtrial balance for Laser Messenger Service, a...The following account balances were taken from the adjustedtrial balance for Laser Messenger Service, a delivery service firm,for the fiscal year ended April 30, 2016:Depreciation Expense$8,600Fees Earned664,000Insurance Expense1,700Miscellaneous Expense3,750Rent Expense59,000Salaries Expense338,000Supplies Expense4,200Utilities Expense42,200Prepare an income statement. If a net loss has been incurred,enter that amount as a negative number using a minus sign. Be sureto complete the statement heading. Refer to the Chart of Accountsfor exact wording of account titles. Use the list of Labels andAmount Descriptions for the correct wording of text items otherthan account names. You will not need to enter colons (:) on theincome statement.

Depreciation Expense	$8,600
Fees Earned	664,000
Insurance Expense	1,700
Miscellaneous Expense	3,750
Rent Expense	59,000
Salaries Expense	338,000
Supplies Expense	4,200
Utilities Expense	42,200