Prepare an income statement for the year
The following selected information is taken from the records of Beckstrom Corporation.
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Accounts payable
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$35,000
|
|
Accounts receivable
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$65,000
|
|
Advertising expense
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$15,000
|
|
Cash
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$19,500
|
|
Supplies expense
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$46,000
|
|
Rent expense
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$10,000
|
|
Utilities expense
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$3,000
|
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Income taxes (30% of income before taxes)
|
?
|
|
Miscellaneous expense
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$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.)