Need to prepare an income statement for the following mandy

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Reference no: EM13597654

Need to prepare an Income Statement for the Following: Mandy Way, CPA ,for the year ended December 31,2009. Mandy billed $400,000 for her accounting services, she has 2 new employees which in addition to her monthly salary of $9000, she paid annaul salaries of $48,000 and $37,000 to her employees. Employment taxes and benefit costs were $36,400 for Mandy and her 2 employees for the year. Expenses for office supplies, postage were $10,300 for the year. Mandy spent $18,000 for tax-deductible trabel and entertainment. Lease payments for the office space rented were $2500 per month. Depreciation expense on the office furniture and fixtures was $4,400 for the year. Mandy paid interest of $16000 on the $130,000 she borrowed to start her business. She paid an average tax rate of 30% during 2009. Prepare an Income Statement for Mandy Way, CPA for the year ended December 31,2009.

Reference no: EM13597654

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