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19 January, 12:12

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 $12,200 Fees Earned 990,000 Insurance Expense 5,750 Miscellaneous Expense 6,650 Rent Expense 80,000 Salaries Expense 502,400 Supplies Expense 7,150 Utilities Expense 40,000. Prepare an income statement.

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  1. 19 January, 15:18
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    Urgent Messenger Service

    Income Statement

    for the fiscal year ended November 30, 20Y1

    $ $

    Fees Earned 990,000

    Supplies Expense (7,150)

    Gross Income 982,850

    Less: Operating Expenses

    Depreciation Expense 12,200

    Insurance Expense c 5,750

    Miscellaneous Expense 6,650

    Rent Expense 80,000

    Salaries Expense 502,400

    Utilities Expense 40,000

    (647,000)

    Net Income 335,850

    Explanation:

    Income statement shows the the income / loss of a business for the period. It measure the net value after deducting all the expenses from the all the incomes of the business.
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