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AccountingAccounting (Text Only)26th Edition

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Chapter 4, Problem 4.5EX
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 4.1APE
Problem 4.1BPE
Problem 4.2APE
Problem 4.2BPE
Problem 4.3APE
Problem 4.3BPE
Problem 4.4APE
Problem 4.4BPE
Problem 4.5APE
Problem 4.5BPE
Problem 4.6APE
Problem 4.6BPE
Problem 4.1EX
Problem 4.2EX
Problem 4.3EX
Problem 4.4EX
Problem 4.5EX
Problem 4.6EX
Problem 4.7EX
Problem 4.8EX
Problem 4.9EX
Problem 4.10EX
Problem 4.11EX
Problem 4.12EX
Problem 4.13EX
Problem 4.14EX
Problem 4.15EX
Problem 4.16EX
Problem 4.17EX
Problem 4.18EX
Problem 4.19EX
Problem 4.20EX
Problem 4.21EX
Problem 4.22EX
Problem 4.23EX
Problem 4.24EX
Problem 4.25EX
Problem 4.26EX
Problem 4.27EX
Problem 4.28EX
Problem 4.1APR
Problem 4.2APR
Problem 4.3APR
Problem 4.4APR
Problem 4.5APR
Problem 4.1BPR
Problem 4.2BPR
Problem 4.3BPR
Problem 4.4BPR
Problem 4.5BPR
Problem 1COP
Problem 1CPP
Problem 4.1CP
Problem 4.2CP
Problem 4.3CP
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
30 views

Income statement

The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fiscal year ended April 30, 2016:

Depreciation Expense $ 8,650
Fees Earned 674,000
Insurance Expense 1,500
Miscellaneous Expense 3,650
Rent Expense $ 60,000
Salaries Expense 336,900
Supplies Expense 4,100
Utilities Expense 41,200

Prepare an income statement.

To determine

Financial statement

A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:

  • Balance Sheet
  • Income statement
  • Statement of owners’ equity
  • Statement of cash flows

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular period is referred to as income statement.

To Prepare: An income statement for the year ended April 30, 2016.

Explanation
L Messenger Service
Income Statement
Year Ended April 30, 2016
Particulars Amount ($) Amount ($)
Revenues:    
    Fees Earned   674,000
Expenses:    
    Salary Expense 336,900  
  �...

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Chapter 4 Solutions

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Ch-4 P-1DQCh-4 P-2DQCh-4 P-3DQCh-4 P-4DQCh-4 P-5DQCh-4 P-6DQCh-4 P-7DQCh-4 P-8DQCh-4 P-9DQCh-4 P-10DQ
Ch-4 P-4.1APECh-4 P-4.1BPECh-4 P-4.2APECh-4 P-4.2BPECh-4 P-4.3APECh-4 P-4.3BPECh-4 P-4.4APECh-4 P-4.4BPECh-4 P-4.5APECh-4 P-4.5BPECh-4 P-4.6APECh-4 P-4.6BPECh-4 P-4.1EXCh-4 P-4.2EXCh-4 P-4.3EXCh-4 P-4.4EXCh-4 P-4.5EXCh-4 P-4.6EXCh-4 P-4.7EXCh-4 P-4.8EXCh-4 P-4.9EXCh-4 P-4.10EXCh-4 P-4.11EXCh-4 P-4.12EXCh-4 P-4.13EXCh-4 P-4.14EXCh-4 P-4.15EXCh-4 P-4.16EXCh-4 P-4.17EXCh-4 P-4.18EXCh-4 P-4.19EXCh-4 P-4.20EXCh-4 P-4.21EXCh-4 P-4.22EXCh-4 P-4.23EXCh-4 P-4.24EXCh-4 P-4.25EXCh-4 P-4.26EXCh-4 P-4.27EXCh-4 P-4.28EXCh-4 P-4.1APRCh-4 P-4.2APRCh-4 P-4.3APRCh-4 P-4.4APRCh-4 P-4.5APRCh-4 P-4.1BPRCh-4 P-4.2BPRCh-4 P-4.3BPRCh-4 P-4.4BPRCh-4 P-4.5BPRCh-4 P-1COPCh-4 P-1CPPCh-4 P-4.1CPCh-4 P-4.2CPCh-4 P-4.3CP

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