The following accounts were taken from the Adjusted Trial Balance columns of the

Question

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Accounts Amount Accumulated Depreciation $32,000 Fees Earned 78,000 Depreciation Expense 7,250 Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 Supplies Expense 1,800 Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. NEED HELP WITH INCOME STATEMENT

Explanation / Answer

Fees Earned $78,000 less:Expenses Depreciation expense    7,250 Rent expense 34,000 Supplies expense     1,800 Net income $34,950

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