Question

income statement
imaging services was organized on march 1, 20y5. a summary of the revenue and expense transa
fees earned $482,000
wages expense 300,000
rent expense 41,500
supplies expense 3,600
miscellaneous expense 1,900
prepare an income statement for the month ended march 31.
imaging services
income statement
for the month ended march 31, 20y5
line item description amount amount
expenses:

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
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