Accounts payable..............................$143,000 Acounts receivable.......

Question

Accounts payable..............................$143,000
Acounts receivable............................ 95,000
Advertising expense........................... 14,500
Cash.......................................... 63,000
Supplies expense.............................. 31,500
Rent xpense................................... 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 ended December 31, 2009. (Assume that 11,000 shares of stock are outstanding.)

Explanation / Answer

Income Statement Revenues: Fees $476,000 Expenses: Salaries $78,000 Rent $12,000 Supplies $31,500 Utilities $ 2,500 Misc. $5,100 Adv. $14,500 Total Expenses $143,600 NOI 332,400 Tax 99,720 NOI after tax: 232,680

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