An inexperienced accountant for Yarnell Company prepared the following income statement for the month of 31 August
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Question:
YARNELL COMPANY August 31,2019 | ||
Revenues: |
|
|
Services provided to customers | $15,000 |
|
Investment by stockholders | 5,000 |
|
Loan from bank | 15,000 | $35,000 |
Expenses: |
|
|
Payments to long-term creditors | $12,000 |
|
Expenses required to provide services to customers | 7,500 |
|
Purchase of land | 16,000 | 35,500 |
Net loss |
| $ 500 |
Prepare a revised income statement in accordance with generally accepted accounting principles.
Related Book For
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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