Identify the errors in the following incomestatement Curbstone Company Income Statement For the Year Ended August 31, 2014 Revenue from sales $9,132,000 537,000 Gross sales $9,669,000 6,110,000 $3,559,000 Expenses 800,000 575,000 425,000 Administrative expenses 1,800,000 $1,759,000 Other expense 45...

1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sale ...

Identify the errors in the following incomestatement: Curbstone Company Income Statement For the Year Ended August 31,

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Identify the errors in the following incomestatement:

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Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Feb 28, 2014 08:04 AM

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Identify the errors in the following incomestatement: Curbstone Company Income Statement For the Year Ended August 31,

Question:

Curbstone Company Income Statement For the Year Ended August 31, 2014 Revenue from sales: $9,132,000 537,000 Gross sales . . $9,669,000 6,110,000 $3,559,000 Expenses: 800,000 575,000 425,000 Administrative expenses ._ . . .. 1,800,000 $1,759,000 Other expense 45,000 $1,714,000

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1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sale...View the full answer

Corporate Financial Accounting

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