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Income Statement Preparation: On December 30,2015, Cathey Chen, a self employed CPA, completed her first full year in business. During the year, she billed $360000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salaries of $8000, Ms. Chen paid annual salaries of $48000 and $36000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $34600 for the year. Expenses for office supplies including package, totaled $10400 for the year. In addition, Ms. Chen spent $17000 during the year on tax-deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax-deductible expense) were $2700 per month. Depreciation expense on the office furniture and fixtures was $15600 for the year. During the year, Ms. Chen paid interest of $15000 on the $120000 borrowed to start the business. She paid an average tax rate of 30% during 2015.
Prepare an income statement for Cathey Chen CPA for the year ended Dec 31, 2015.
Evaluate her financial performance.
due next week mondayplease include references and citations where need
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