Create an income statement for the year ended

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Reference no: EM13256421

The following selected information is taken from therecords of Pickard and Associates.

Accounts payable . . . . . . . . . . . . . . . . . .. . . .     $143,000

Accounts receivable . . . . . . . . . . . . . . . . . . ..          95,000

Advertising expense . .. . . . . . . . . . . . . . . . ..           14,500

Cash . . . . . . .. . . . . .. . . . . . . . . . . . . . .. .....           63,000

Supplies expense . . . . . . . . . . . . . . . . . . . . ..           31,500

Rent expense . . . . . . . . . . . . . . . . . . . . . . .. .           12,000

Utilities expense . . . . . . . . . . . . . . . . . . . .. .              2,500

Income taxes (30% of income before taxes)..                   ?    

Miscellaneous expense . . . . . . . .. . . . . . . ..              5,100

Owners' equity . . . . . . . . . . . . . . . . . ... . . .           215,000

Salaries expense . . . . . . . . . . . . .. . . .. . . . ..            78,000

Fees (revenues) . . . . . . . . . . . . . . . . . . . . ..           476,000

Prepare an income statement for the year endedDecember 31, 2009 (Assume that 11,000 shares of stock areoutstanding.)

Reference no: EM13256421

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