Problem 4-1: Prepare an Income Statement. For the month ended February 28, XXX1, the Coastal Exterminating Service,
Question:
Problem 4-1: Prepare an Income Statement.
For the month ended February 28, XXX1, the Coastal Exterminating Service, owned and managed by Martin Billings, had the following revenue and expenses:
Fees from exterminating services $4,350
Salary expense 1,200
Equipment repair expense 350
Rent expense 225
Heat and power expense 175
Telephone expense 105
For the month ended January 31, XXX1, the A to Z Service Company had the following revenue and expenses:
Fees from messenger services $5,467
Fees from telephone services 3,875
Fees from mail services 1,995
Salary expense 4,566
Rent expense 850
Advertising expense 1,250
Telephone expense 550
Travel expense 70
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers