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Q1) Income Statement Preparation:

Following selected information is taken from 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

 

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. Create income statement for year ended December 31, 2006. (Suppose that 7,500 shares of stock are outstanding.)

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  • Category:- Accounting Basics
  • Reference No.:- M921693

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