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

The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fiscal year ended April 30, 2016:

Depreciation Expense $8,600
Fees Earned 664,000
Insurance Expense 1,700
Miscellaneous Expense 3,750
Rent Expense 59,000
Salaries Expense 338,000
Supplies Expense 4,200
Utilities Expense 42,200

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 Chart of Accounts for exact wording of account titles. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

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Expert Solution

Laser Messenger Service
Income Statement
For the year ended April 30, 2016
Revenue
Fees Earned                     664,000
Expenses
Depreciation Expense                   8,600
Insurance Expense                   1,700
Miscellaneous Expense                   3,750
Rent Expense                 59,000
Salaries Expense               338,000
Supplies Expense                   4,200
Utilities Expense                 42,200
Total expenses                     457,450
Net Income                     206,550

ekkarill92 answered 1 year ago
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