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

1. Prepare an income statement for the year ended December 31, 2012. (Assume that 11,000 shares of stock are outstanding.)
2. Explain what the EPS ratio tells the reader about Pickard andAssociates.

Transcribed Image Text:

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