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.

          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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