Question

Chapter 04 Homework (Application) eBook Show Me How Calculator 1. EX 04.01 Income Statement 2. EX.04.03.ALGO 3. EX.04.05. ALGO 4. EX 04.14 1.650 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, 2013 Depreciation Expense $8,700 Fees Eamed 462,000 Insurance Expense Miscellaneous Expense 3,480 Rent Expense 66,100 Salaries Expense 232,300 Supplies Expense 2,960 Utilities Expense 25,200 5. EX.04.17 6. EX.04.20 7. EX.04.06 EXCEL ALGO Prepare an income statement for Urgent Messenger Service. Urgent Messenger Service Income Statement For the Year Ended November 30, 2011

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Answer 1

Fee earned		$462,000
Expenses:
Depreciation expense	$8,700
Insurance expense	$1,650
Miscellaneous expense	$3,480
Rent expense	$66,100
Salaries expense	$232,300
Supplies expense	$2,960
Utilities expense	$25,200
Total expenses		$340,390
Net income		$121,610