EX 4-5 Income statement

The following account balances were taken from the adjusted trial balance for On-Time Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2012:
Depreciation Expense $ 6,400
Fees Earned 340,000
Insurance Expense 1,200
Miscellaneous Expense 2,600
Rent Expense $ 48,400
Salaries Expense 171,040
Supplies Expense 2,200
Utilities Expense 18,560

Prepare an income statement.

Answer:

ON-TIME MESSENGER SERVICE 

Income Statement 

For the Year Ended April 30, 2012 

Fees earned ............................................................$340,000
Expenses:
 Salaries expense ............................ $171,040
 Rent expense................................. 48,400
 Utilities expense............................ 18,560
 Depreciation expense .................. 6,400
 Supplies expense............................2,200
 Insurance expense......................... 1,200
 Miscellaneous expense ..................2,600
 Total expenses......................................................... 250,400
Net income...............................................................$ 89,600