The accountant for Flagger Company prepared the following list of account balances from the company?s records for the year ended December 31:

Prepare an income statement for Flagger Company in good form.

Fees earned Accounts receivable Equipment Accounts payable Salaries & wages expense Income taxes payable Notes payable $165,000 14,000 42,000 12,000 40,000 5,000 20,000 Cash Selling expenses Common stock Interest income Rent expense Prepaid Rent Income taxes expense $30,000 44,000 36,000 3,000 51,000 2,000 18,000