[imarti6053]

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.)

[qcmar24]

the income tax is not missing you just haven't calculated yet, after you prepare your income stament as you ussually do revenues-expenses= income before taxes - 30%(income taxes)=Net income after taxes
you just need to multiply your income before taxes by 30% and that will be your income tax and the income before taxes will be deduct by that value and it will give you the income after taxes.
revenues... xxxx
expenses... (xxxx)
net income before taxes.$xxxx
income tax(30%)... (xxxx)
net income after taxes.. $...