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    Creation of an Income Statement

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    I am having trouble preparing this income statement can you please sow me how to do it and explain why it is done this way?

    Problem 2-5 Income Statement Preparation

    The following information is taken from the records of Hill, Dunn, & Associates for the year ended December 31, 2006. P.A.S.S. Power Accounting System Software
    Income taxes $ 10,800
    Service revenues 150,000
    Rent expense 5,500
    Salaries expense 35,000
    Miscellaneous expense 380
    Utilities expense 1,230
    Administrative expense 12,300

    Required:
    Prepare an income statement for Hill, Dunn, & Associates for the year ended December 31, 2006. (Assume that 4,000 shares of stock are outstanding.)

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    Solution Summary

    This Solution provides a completed income statement for the given organization.

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