EX 4-6 Income statement; net loss

The following revenue and expense account balances were taken from the ledger of Veggie Health Services Co. after the accounts had been adjusted on February 28, 2014, the end of the current fiscal year:


Depreciation Expense $ 9,000 Service Revenue $270,900
Insurance Expense 4,000 Supplies Expense 3,000
Miscellaneous Expense 6,000 Utilities Expense 17,600
Rent Expense 42,000 Wages Expense 213,100


Prepare an income statement.


Answer:

VEGGIE HEALTH SERVICES CO.
Income Statement
For the Year Ended February 28, 2014
Service revenue $270,900
Expenses:
Wages expense $213,100
Rent expense 42,000
Utilities expense 17,600
Depreciation expense 9,000
Insurance expense 4,000
Supplies expense 3,000
Miscellaneous expense 6,000
Total expenses 294,700
Net loss $ (23,800)