Income statement
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Income Statement Preparation
The following selected information is taken from the records of Bergstrom 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
Owner's equity ........................................140,000
Salaries expense .......................................61,000
Fees (revenues) ......................................384,000
a.) Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding).
b.) Explain what the EPS ratios tells the reader about Bergstrom Corporation
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Solution Summary
The solution prepares an income statement and also explains the concept of EPS
Solution Preview
Income Statement for Bergstorm Corporation
---------------------------------------------------------
Fees (revenues) ......................................384,000
Expenses:
Supplies expense .......................................46,000 ...
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