Accounting Help Needed. This is income statement preparation where I need to find out what the income taxes ar

I need to prepare an income statement for this company and determine what the income taxes are. The income tax is said to be 30% of the income before taxes, however I have not been able to figure out what the income is before taxes. The given information is as follow: A/P.....35,000 A/R.......65,000 Advertising expense....15,000 Cash...... 19,500 Supplies expense.....46,000 Rent expense........10,000 Utilities expense........3,000 Misc. Expense....4,400 Salaries Expense.....61,000 Fees (revenues)......384,000 Owner's equity.....140,000 It also states to assume that 7,500 shares of stock are outstanding, and I need to determine the income taxes (30% of income before tax) I do not know what the outstanding shares have to do with this because I do not have dividends as an expense and if they are outstanding that means that they are not assets because they belong to shareholders. I just need to get the income, so I can get the taxes. Please help....

Public Comments

1. Revenue - Expense = Net Income Before Tax Net Income Before Tax x 30% = Income Tax
2. Income 384,000 Expenses - Advertising 15,000 - Supplies 46,000 - Rent 10,000 - Utilities 3,000 - Misc. 4,400 - Salaries 61,000 ---------- Total Expenses 139,400 Income before taxes 244,600 Income Tax Rate 30% Income taxes 73,380 Net Income 171,220 Ignore anything that is not income or expense in this case. They probably gave you extra information that meant nothing in this case to see that you could figure out what info you needed.
3. Fees - Adver, supplies, rent, utilities, misc, and salaries in your scenario. A/R. A/P, Cash, Stock/Owner's Equity are balance sheet items.