Question

EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for Laser Mes- OBJ. 2 senger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $ 8,650 Rent Expense $ 60,000 Fees Earned 674,000 Salaries Expense 336,900 Insurance Expense 1,500 Supplies Expense 4,100 Miscellaneous Expense 3,650 Utilities Expense 41,200 Prepare an income statement. EX 4.6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year: Service Revenue $448.400 Depreciation Expense $ 7,500 2,750 Insurance Expense 3,000 Supplies Expense 33,900 Miscellaneous Expense Utilities Expense 360,000 Rent Expense 54,000 Wages Expense Prepare an income statement. 8,150

Answer 1

Ex 4-5
Income Statement For the Year Ended April 30, 2019
Revenues :
Fess Earned		$ 674,000
Less: Expenses
- Depreciation Expense	$ 8,650
- Insurance Expense	$ 1,500
- Miscellaneous Expense	$ 3,650
- Rent expense	$ 60,000
- Salaries Expense	$ 336,900
- Supplies Expense	$ 4,100
- Utilities Expense	$ 41,200
Total Expenses		($ 456,000)
Net Income (or) Net Operating Income		$ 218,000
Ex 4-6
Income Statement For the Year Ended February 28, 2019
Revenues :
Service Revenue		$ 448,400
Less: Expenses
- Depreciation Expense	$ 7,500
- Insurance Expense	$ 3,000
- Miscellaneous Expense	$ 8,150
- Rent expense	$ 54,000
- Salaries Expense	$ 2,750
- Utilities Expense	$ 33,900
- Wages Expense	$ 360,000
Total Expenses		($ 469,300)
Net Loss		($ 20,900)