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| *Ostroff, Fair and Company>>>Other - Business & Finance |
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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鈥?equity . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000 Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . 61,000 Fees (revenues) . . . . . . . . . . . . . . . . . . . . . . . . . 384,000 1. Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding.) Income Statement: Dec 31 2006 Revenues: 384,000 Advertising Expense: 15k Supplies Expense: (46k) Rent Expense: (10k) Utilities Expense: (3k) Misc. Expense: (4.4k) Salaries Expense: (61k) Total Operating Expenses: (139.4k) Operating Profits: 244.6k Income Taxes (30% of 244.6k): (73.38k) Net Income: 171.22k Source(s): Passed CPA exam Majored in accounting/finance CFA charter holder |
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