Exercises 2-27

Pickard and Associated

Income Statement

For Month Ending December 31, 2009

Revenues

Account Payable????????????.143,000

Cash????????????????????63,000

Owner's Equity?????????????.215,000

Fees (revenues)????????????..476,000

Total Revenues?????????????897,000

Expenses

Accounts Receivables?????????.95,000

Advertising Expenses?????????.14,500

Supply Expenses????????????31,500

Rent Expenses?????????????12,000

Utilities Expenses???????????..2,500

Miscellaneous Expenses???????..5,100

Salaries Expenses???????????.78,000

Total Expenses????????????..238,6000

Net Income????????????..Revenues-Expenses 658,400

1. The EPS statements says that Pickard and Associates are earning per share of 11,000.