The following selected information is taken from the records of Beckstrom Corporation.
Accounts payable$ 35,000
Accounts receivable65,000
Advertising expense15,000
Cash19,500
Supplies expense46,000
Rent expense10,000
Utilities expense3,000
Income taxes (30% of income before taxes)?
Miscellaneous expense4,400
Owners'equity140,000
Salaries expense61,000
Fees (revenues)384,000
Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding.)