I need to prepare a income statemnt for the year ended in December 31st, 2006 (Assume that 7,500 shares of stock is out standing.)
Accounts payable $35,000
Accounts recevable 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
Fee (Revenue) 384,000
