Reference no: EM13256421
The following selected information is taken from therecords of Pickard and Associates.
Accounts payable . . . . . . . . . . . . . . . . . .. . . . $143,000
Accounts receivable . . . . . . . . . . . . . . . . . . .. 95,000
Advertising expense . .. . . . . . . . . . . . . . . . .. 14,500
Cash . . . . . . .. . . . . .. . . . . . . . . . . . . . .. ..... 63,000
Supplies expense . . . . . . . . . . . . . . . . . . . . .. 31,500
Rent expense . . . . . . . . . . . . . . . . . . . . . . .. . 12,000
Utilities expense . . . . . . . . . . . . . . . . . . . .. . 2,500
Income taxes (30% of income before taxes).. ?
Miscellaneous expense . . . . . . . .. . . . . . . .. 5,100
Owners' equity . . . . . . . . . . . . . . . . . ... . . . 215,000
Salaries expense . . . . . . . . . . . . .. . . .. . . . .. 78,000
Fees (revenues) . . . . . . . . . . . . . . . . . . . . .. 476,000
Prepare an income statement for the year endedDecember 31, 2009 (Assume that 11,000 shares of stock areoutstanding.)
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: The following selected information is taken from therecords of Pickard and Associates. Prepare an income statement for the year endedDecember 31, 2009.
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