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Problem - 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
Rent Expense
$48,400
Fees Earned
340,000
Salaries Expense
171,040
Insurance Expense
1,200
Supplies Expense
2,200
Miscellaneous Expense
2,600
Utilities Expense
18,560
Required - Prepare an income statement.
Calculate total payments received during a time period, and reconcile this with total sales. Compute and record totals of transactions.
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