| Income Statement Preparation.
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% income before taxes).............?
Miscellaneous espense....................................4,400
Owner's Equity...........................................1 40,000
Salaries expense..........................................6 1,000
Fees (revenues)........................................ .384,000
1.) Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding).
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