Homework Answers
Income statement for the year ended June 30, 20Y5:
| Description | Amount |
| Revenues & other items: | |
| Service revenue / Fees earned | $64300 |
| Total revenues & other items | $64300 |
| Expenses & other items: | |
| Rent expenses | $15000 |
| Interest expense | $2480 |
| Salaries expense | $22560 |
| Utilities expense | $3900 |
| Insurance expense | $12750 |
| Total expenses & other items: | $56690 |
| Net income | $7610 |
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