Prepare an income statement for the yearthe following

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Prepare an income statement for the year

The following selected information is taken from the 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	$10,000
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

Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding.)

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