Exercise 2-8 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
|
Prepare an income statement for the year ended December 31, 2006.
(Assume that 7,500 shares of stock are outstanding.)
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