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    KDaniel448's Avatar
    KDaniel448 Posts: 6, Reputation: 1
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    #1

    Apr 16, 2008, 06:31 PM
    Income Statement
    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
    drkndlvlykj's Avatar
    drkndlvlykj Posts: 1, Reputation: 1
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    #2

    Apr 21, 2008, 12:02 PM
    Don't really understand
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