Income Statement; Net Loss
The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts had been adjusted on February 28, 20Y0, the end of the fiscal year:
Depreciation Expense $15,600
Insurance Expense $7,640
Miscellaneous Expense $6,080
Rent Expense $63,000
Service Revenue $299,500
Supplies Expense $3,740
Utilities Expense $24,020
Wages Expense $235,600
Prepare an income statement. Use a minus sign to indicate a net loss.