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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.)
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