The following revenue and expense account balances were taken from the ledger of Acorn Health Services...

The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end of the fiscal year:

Depreciation expense	$7,400
Insurance expense	3,400
Miscellaneous expense	8,300
Rent expense	56,000
Service revenue	446,600
Supplies expense	2,000
Utilities expense	35,000
Wages expense	355,000

Labels
Expenses
January 31, 20Y7
For the Year Ended January 31, 20Y7
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.

Acorn Health Services Co.

Income Statement

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Expert Solution

Requirement asked

	Acorn Health Services Co.
	Income Statement
	For the Year Ended January 31, 20Y7
1	Service revenue		$446,600
2	Expenses
3	Depreciation expense	$7,400
4	Insurance expense	$3,400
5	Miscellaneous expense	$8,300
6	Rent expense	$56,000
7	Supplies expense	$2,000
8	Utilities expense	$35,000
9	Wages expense	$355,000
10	Total Expenses		$467,100
11	Net loss		($20,500)

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