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 DescriptionAmountDepreciation Expense$14,500Fees Earned875,000Insurance Expense6,000Miscellaneous Expense10,200Rent Expense75,000Salaries Expense481,300Supplies Expense7,150Utilities Expense40,850

Prepare an income statement.

Line Item DescriptionAmountAmountFees earnedInsurance expenseNet incomeNet lossSupplies expense$- Select -Expenses:Fees earnedIncome tax expenseNet lossSalaries expenseSalaries payable$- Select -Fees earnedIncome tax expenseNet incomeNet lossRent expense- Select -Fees earnedIncome tax expenseNet incomeNet lossUtilities expense- Select -Accumulated depreciationDepreciation expenseFees earnedIncome tax expenseNet income- Select -Fees earnedIncome tax expenseNet incomeSupplies expenseSupplies- Select -Fees earnedIncome tax expenseInsurance expenseNet incomePrepaid insurance- Select -Fees earnedIncome tax expenseMiscellaneous expenseNet incomeNet loss- Select -Total expensesTotal expensesNet incomeNet loss$- Select