An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:

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Prepare a revised income statement in accordance with generally accepted accountingprinciples.

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Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Question Posted: Apr 17, 2014 09:34 AM

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An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:

Question:

YARNELL COMPANY AUGUST 31, 2011 Revenues: Services provided to customers Investment by stockholders . . Loan from bank $15,000 5,000 15,000 $35,000 Expenses Payments to long-term creditors. Expenses required to provide $11,700 services to customers Purchase of land 7,800 16,000 35,500 $500

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Financial and Managerial Accounting the basis for business decisions

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