[ambdelgado]

Hello everyone I am new to this site and desperately need some help with the following, any input would be greatly appreciated.

The following selected information is taken from the records of Beckstrom Corporation.

Accounts Payable $35,000
Accounts Receivables 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) ? 73,380
Miscellaneous Expense 4,400
Owners Equity 140,000
Salaries Expense 61,000
Fees (revenue) 384,000

Prepare an income statement for the year ended December 31, 2006. (assume that 7,500 shares of stock are outstanding)

[ambdelgado]

This is what I have so far, but I am stuck...

Beckstrom Corporation
Income Statement
For the year ended December 31, 2006

Revenues


Expenses
Advertising Expense 15,000
Supplies Expense 46,000
Rent Expense 10,000
Utilities Expense 3,000
Miscellaneous Expense 4,400
Salaries Expense 61,000

[CaptainForest]

Just to add to ambdelgado's response.

For the fees, it should read:
Fees (revenue) 384,000

Then, deduct all the expense he listed.

That gives you income before taxes

Now deduct income taxes paid,
Income Taxes (30% of income before taxes) ? 73,380

That gives you net income.

[ambdelgado]

Great thanks a million!

[CaptainForest]

You're welcome.

And I didn't look at the names close enough.

You were the one who posted the partial solution! Lol, I am tired.