Income Statement

The following account balances were taken from the adjusted trial balance for Shaw Messenger Service, a delivery service firm, for the fiscal year ended April 30, 20Y1:

Line Item Description	Amount
Depreciation Expense	$10,500
Fees Earned	557,600
Insurance Expense	2,000
Miscellaneous Expense	4,200
Rent Expense	79,800
Salaries Expense	280,400
Supplies Expense	3,570
Utilities Expense	30,500

Prepare an income statement.

Line Item Description	Amount	Amount
Fees earnedInsurance expenseNet incomeNet lossSupplies expenseNet income		$Net income
Expenses:
Fees earnedNet incomeNet lossSalaries expenseSalaries payableFees earned	$Fees earned
Fees earnedNet incomeNet lossPrepaid RentRent expense	- Select -
CashFees earnedNet incomeNet lossUtilities expense	- Select -
Accumulated depreciationDepreciation expenseFees earnedNet incomeNet loss	- Select -
Fees earnedNet incomeNet lossSupplies expenseSupplies	- Select -
Fees earnedInsurance expenseNet incomeNet lossPrepaid insurance	- Select -
CashFees earnedMiscellaneous expenseNet incomeNet loss	- Select -
Total expenses		Total expenses
Net incomeNet loss		$- Select -

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