How do I do an income statement with missing info on income tax?
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% of income before taxes)..
Miscellaneous expense.. . 4,400
Owners’ equity.. . 140,000
Salaries expense.. . 61,000
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.)
