Using the infoormation below, I have to Prepare an income statement for the year ended December 31, 2009. (Assume that
11,000 shares of stock are outstanding.)

Accounts payable.. . $ 143,000
Accounts receivable.. . 95,000
Advertising expense.. . 14,500
Cash.. . 63,000
Supplies expense.. . 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 (revenues).. . 476,000


This is what I came up with. Are my calculations correct? Is there anything I missed or need to correct? I don't feel like I've done this correctly. Thank you in advance!

INCOME STATEMENT
Pickard & Associates
Year ended December 31, 2009
(amount in dollars)

Revenues
Fees $476,000

Expenses
Advertising 14,500
Supplies 31,500
Rent 12,000
Utilities 2,500
Miscellaneous 5,100
Salaries 78,000
Total Expenses 143,600

Income taxes (30% of income before taxes) 99,720

Net income 332,400

Share price $30.22

You forgot EBIT, which is Earnings before income taxes, which is revenues minus expenses.

The rest looks good.