Use the following data for Flagger Company to prepare an income statement for the year ended December 31: Fees eamed $168,000 Cash $30,000 Accounts receivable 14,000 Selling expenses 44,000 Equipment 42,000 Flagger, capital 36,000 Accounts payable 12,000 Rent expense 51,000 Salaries and wages expense 40,000 Prepaid rent 2,000 Income taxes payable 5,000 Income taxes expense 18,000 Notes payable 20,000 Flagger Company Income Statement For the Year Ended December 31 Expenses Total expenses Du Accounts receivable Equipment Accounts payable 44,000 36,000 51,000 2,000 14,000 Selling expenses 42,000 Flagger, capital 12.000 Rent expense 40,000 Prepaid rent 5,000 Income taxes expense 20,000 Salaries and wages expense Income taxes payable Notes payable 18,000 Flagger Company Income Statement For the Year Ended December 31 Accounts receivable Cash Fees samed Income taxes expense Selling expenses MacBook Air 11 3 4 5 6. 7 8 0 E R. . U P Frescared Accounts receivable $30,000 44,000 Equipment Accounts payable Salaries and wages expense Income taxes payable Notes payable $168,000 Cash 14,000 Selling expenses 42,000 Flagger, capital 12,000 Rent expense 40,000 Prepaid rent 5,000 Income taxes expense 20,000 36,000 51,000 2,000 18,000 Flagger Company Income Statement For the Year Ended December 31 Expose: Accounts payable Equipment Fees eamed Interest income Rent expense Pre MacBook Air 4 5 6 & 7 8 9 0 Accounts receivable 44,000 36,000 Equipment Accounts payable Salaries and wages expense Income taxes payable Notes payable 14,000 Selling expenses 42,000 Flagger, capital 12.000 Rent expense 40,000 Prepaid rent 5,000 Income taxes expense 20,000 51,000 2,000 18,000 Flagger Company Income Statement For the Year Ended December 31 Expenses: Tot expenses Net income Net loss MacBook Air 5 6 & 7 8 9 0 E R