Income Statement Preparation The following selected information is taken from the records of Pickard and Associates.

1. Prepare an income statement for the year ended December 31, 2009. (Assume that 11,000 shares of stock are outstanding.)
2. Explain what the EPS ratio tells the reader about Pickard and Associates.

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Accounts payable Accounts receivable Advertising expense Cash Supplies expense Rent expense Utilities expense Income taxes (30% of income before taxes) Miscellaneous expense Owners' equity Salaries expense Fees (revenues) $ 143,000 95,000 14,500 63,000 31,500 12,000 2,500 ? 5,100 215,000 78,000 476,000