Create income statement for year ended december 31 2006., Ask an Expert

Accounting

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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M921693

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