Prepare an income statement for the year December 31, 2009 (Assume that 11,000 shares for stock are outstanding)

Accounts payable ………………………………………… $143,300
Accounts receivable ……………………………………… 95,500
Advertising expense….………………………………… 14,500
Cash ………………….. …………………………………… 63,000
Supplies expense……………………………………⠀¦â€¦ 31,500
Rent Expense …………………….. …………………… 12,000
Utilities expense... ………………………………………… 2,500
Income taxes (30% of income before taxes) ?
Miscellaneous expense……….…………………………… 5,100
Owners' equity …….. ……………………………………… 215,000
Salaries expense……….. ………………………………… 78,000
Fees (revenue) …………………………………………†¦. 476,000

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We won't give you the answers but we will check your work and answer specific questions. Have you identified which of these accounts belong on the Income Statement?

Fees(revenue) $476,000
Operating Expense $382,400 (accts payable, acct rec, advertg exp, mis exp, rent exp, salaries exp, sup exp, utl exp.)
Just figure out - cash, the income taxes (30% of income before taxes), and owners equity? This includes the 11,000 shares for stock are outstanding.

You only want income and expense items. This will not include payables or receivables. They belong on the Balance Sheet, along with the cash and owners equity.

Can you write out how the Income Statement will look? You can find a sample in your textbook or online, but basically you need to list all your accounts.

If you'll post what you come up with (plus show your net income and compute taxes), we can check it and go from there.