Problem 4-1: Prepare an Income Statement.

For the month ended February 28, XXX1, the Coastal Exterminating Service, owned and managed by Martin Billings, had the following revenue and expenses:

Fees from exterminating services $4,350

Salary expense 1,200

Equipment repair expense 350

Rent expense 225

Heat and power expense 175

Telephone expense 105

For the month ended January 31, XXX1, the A to Z Service Company had the following revenue and expenses:

Fees from messenger services $5,467

Fees from telephone services 3,875

Fees from mail services 1,995

Salary expense 4,566

Rent expense 850

Advertising expense 1,250

Telephone expense 550

Travel expense 70