income statement\nimaging services was organized on march 1, 20y5. a summary of the revenue and expense…

income statement\nimaging services was organized on march 1, 20y5. a summary of the revenue and expense transa\nfees earned $482,000\nwages expense 300,000\nrent expense 41,500\nsupplies expense 3,600\nmiscellaneous expense 1,900\nprepare an income statement for the month ended march 31.\nimaging services\nincome statement\nfor the month ended march 31, 20y5\nline item description amount amount\nexpenses:

income statement\nimaging services was organized on march 1, 20y5. a summary of the revenue and expense transa\nfees earned $482,000\nwages expense 300,000\nrent expense 41,500\nsupplies expense 3,600\nmiscellaneous expense 1,900\nprepare an income statement for the month ended march 31.\nimaging services\nincome statement\nfor the month ended march 31, 20y5\nline item description amount amount\nexpenses:

Answer

Explanation:

Step1: Identify revenue

The fees earned is the revenue, which is $482,000.

Step2: List expense items

Wages expense = $300,000, Rent expense = $41,500, Supplies expense = $3,600, Miscellaneous expense = $1,900.

Step3: Calculate total expenses

Total expenses = $300,000 + $41,500+ $3,600 + $1,900=$347,000.

Step4: Calculate net income

Net income = Revenue - Total expenses = $482,000 - $347,000 = $135,000.

Answer:

Line Item Description Amount Amount
Fees Earned $482,000
Expenses:
Wages Expense $300,000
Rent Expense $41,500
Supplies Expense $3,600
Miscellaneous Expense $1,900
Total expenses $347,000
Net Income $135,000