Identify the errors in the following income statement and prepare a corrected incomestatement: CARLSBAD COMPANY Income Statement
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CARLSBAD COMPANY Income Statement For the Year Ended February 29, 2012 Revenue from sales: $4,400,000 Sales.... Add: Sales returns and allowances .. 180,000 $4,580,000 2,650,000 $1,930,000 Income from operations. Expenses: 800,000 600,000 50,000 Delivery expense.. 1,450,000 480,000 40,000 440,000 Other expense: Interest revenue
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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
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