Income statement preparation ?

Income statement preparation On December 31, 2015, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed 5364,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of S7,980, Ms. Chen paid annual salaries of 547,700 and $36,400 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled S34,000 for the year. Expenses for office supplies, including postage, totaled $10,200 for the year. In addition, Ms. Chen spent $16,800 during the year on tax-deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax-deductible expense) were S2,650 per month. Depreciation expense on the office furniture and fixtures was S 15,000 for the year. During the year, Ms. Chen paid interest of S 15,200 on the S1 17,000 borrowed to start the business. She paid an average tax rate of 30% during 2015 a. Prepare an income statement for Cathy b. Evaluate her 2015 financial performance Chen, CPA for the year ended December 31, 2015. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2015