Question 14

Income Statement

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	$8,500
Fees Earned	451,400
Insurance Expense	1,620
Miscellaneous Expense	3,400
Rent Expense	64,600
Salaries Expense	227,000
Supplies Expense	2,890
Utilities Expense	24,700

Prepare an income statement for Urgent Messenger Service.

Fees earnedInsurance expenseNet incomeNet lossSupplies expense		$- Select -
Expenses:
Fees earnedNet incomeNet lossSalaries expenseSalaries payable	$- Select -
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		fill in the blank 17
Net incomeNet loss		$- Select -