Prepare an income statement for the yearthe following

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Prepare an income statement for the year

The following selected information is taken from the records of Beckstrom Corporation.

Accounts payable

$35,000

Accounts receivable

$65,000

Advertising expense

$15,000

Cash

$19,500

Supplies expense

$46,000

Rent expense

$10,000

Utilities expense

$3,000

Income taxes (30% of income before taxes)

?

Miscellaneous expense

$4,400

Owners equity

$140,000

Salaries expense

$61,000

Fees (revenues)

$384,000

Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding.)

Reference no: EM13355894

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