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In: Accounting

The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a...

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 $8,550
Fees earned 684,000
Insurance expense 1,200
Miscellaneous expense 3,600
Rent expense 60,000
Salaries expense 336,300
Supplies expense 3,500
Utilities expense 41,800

Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) on the income statement.

Labels
Expenses
November 30, 20Y1
For the Year Ended November 30, 20Y1
Amount Descriptions
Net income
Net loss
Total expenses

Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) on the income statement.

Urgent Messenger Service

Income Statement

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Expert Solution

ekkarill92 answered 1 year ago
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