Prepare an income statement for Cathy Chen
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Follow these instrucTons for compleTng 1. Do all work in Excel. Do not submit Word ±les or *.pdf ±les. 2. Submit a single spreadsheet ±le for this assignment. Do not submit mulTple ±les. 3. Place each problem on a separate spreadsheet tab. 4. Label all inputs and outputs and highlight your ±nal answer. 5. Follow the direcTons in “Guidelines for Developing Spreadsheets.” P3–3 Income statement preparaTon On December 31, 2015, Cathy Chen, a self-employed cerT±ed public accountant (CPA), completed her ±rst full year in business. During the year, she billed $360,000 for her accounTng services. She had two employees, a bookkeeper and a clerical assistant. In addiTon to her monthly salary of $8,000, Ms. Chen paid annual salaries of $48,000 and $36,000 to the bookkeeper and the clerical assistant, respecTvely. Employment taxes and bene±t costs for Ms. Chen and her employees totaled $34,600 for the year. Expenses for o²ce supplies, including postage, totaled $10,400 for the year. In addiTon, Ms. Chen spent $17,000 during the year on tax-deducTble travel and entertainment associated with client visits and new business development. Lease payments for the o²ce space rented (a taxdeducTble expense) were $2,700 per month. DepreciaTon expense on the o²ce furniture and ±xtures was $15,600 for the year. During the year, Ms. Chen paid interest of $15,000 on the $120,000 borrowed to start the business. She paid an average tax rate of 30% during 2015. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2015. b. Evaluate her 2015 ±nancial performance.
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Posted 07 Dec 2017 08:12 AM
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