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