The following account balances were taken from the adjusted trial balance for Shanghai Messenger Service, a delivery service firm, for the current fiscal year ended September 30, 2014:
Depreciation Expense $ 7,250 Rent Expense $ 36,000
Fees Earned 440,000 Salaries Expense 265,150
Insurance Expense 1,200 Supplies Expense 2,200
Miscellaneous Expense 7,100 Utilities Expense 28,500
Prepare an income statement.
Answer:
SHANGHAI MESSENGER SERVICE
Income Statement
For the Year Ended September 30, 2014
Fees earned $440,000
Expenses:
Salaries expense $265,150
Rent expense 36,000
Utilities expense 28,500
Depreciation expense 7,250
Supplies expense 2,200
Insurance expense 1,200
Miscellaneous expense 7,100
Total expenses 347,400
Net income $ 92,600