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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.)

Accounting Basics, Accounting

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

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