The Accountant for Flagger Company Prepared the Following List of Accounting

Essay

The accountant for Flagger Company prepared the following list of accounting equation element balances from the company's records for the year ended December 31:? $$\begin{array} { l r l r } \text { Fees earned } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Flagger, capital } & 36,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Rent expense } & 51,000 \\\text { Income taxes payable } & 5,000 & \text { Prepaid rent } & 2,000 \\\text { Notes payable } & 20,000 & \text { Income taxes expense } & 18,000\end{array}$$ Prepare an income statement for Flagger Company in good form.