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, 20Y1: Depreciation expense Fees earned Insurance expense Miscellaneous expense Rent expense Salaries expense Supplies expense Utilities expense $8,550 684,000 1,200 3,600 60,000 336,300 3,500 41,800 Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) the income statement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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, 20Y1:
Depreciation expense
Fees earned
Insurance expense
Miscellaneous expense
Rent expense
Salaries expense
Supplies expense
Utilities expense
$8,550
684,000
1,200
3,600
60,000
336,300
3,500
41,800
Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the
Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) on the income statement.
Transcribed Image Text: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, 20Y1: Depreciation expense Fees earned Insurance expense Miscellaneous expense Rent expense Salaries expense Supplies expense Utilities expense $8,550 684,000 1,200 3,600 60,000 336,300 3,500 41,800 Prepare an income statement. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) on the income statement.
Expert Solution
Step 1: Income statement :

Income statement is prepared to calculate the net income for the year.

Net income is the difference between revenues and total expenses.

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