The Accountant for Flagger Company Prepared the Following List of Account

Essay

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