Question

Income Statement

The following account balances were taken from the adjusted trial balance for Capstone Messenger Service, a delivery service firm, for the fiscal year ended April 30, 20Y7:

Depreciation Expense	$10,400
Fees Earned	552,200
Insurance Expense	1,980
Miscellaneous Expense	4,160
Rent Expense	79,000
Salaries Expense	277,700
Supplies Expense	3,540
Utilities Expense	30,200

Prepare an income statement.

Capstone Messenger Service
Income Statement
For the Year Ended April 30, 20Y7
Fees earned		$
Expenses:
	$
Total expenses
		$

Income Statement; Net Loss

The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts had been adjusted on February 28, 20Y0, the end of the fiscal year:

Depreciation Expense	$11,500
Insurance Expense	5,640
Miscellaneous Expense	4,490
Rent Expense	46,500
Service Revenue	220,800
Supplies Expense	2,760
Utilities Expense	17,710
Wages Expense	173,700

Prepare an income statement. Use a minus sign to indicate a net loss.

Guardian Health Services Co.
Income Statement
For the Year Ended February 28, 20Y0
		$
Expenses:
	$
Total expenses
		$

Answer 1

1.

Income Statement
Revenue
Fees Earned		$      552,200
Expenses
Insurance Expense	$           1,980
Miscellaneous Expense	$           4,160
Rent Expense	$         79,000
Salaries Expense	$      277,700
Supplies Expense	$           3,540
Utilities Expense	$         30,200
Depreciation Expense	$         10,400
Total Expenses		$      406,980
Net Income		$      145,220

2.

Income Statement
Revenue
Service Revenue		$      220,800
Expenses
Depreciation Expense	$         11,500
Insurance Expense	$           5,640
Miscellaneous Expense	$           4,490
Rent Expense	$         46,500
Supplies Expense	$           2,760
Utilities Expense	$         17,710
Wages Expense	$      173,700
Total Expenses		$      262,300
Net Income (Loss)		$      (41,500)