Problem : Please create an income statement for the incorrect statement. What are the total revenue and expenses? What is the Net Income or loss?

An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August, current year PRESTWICK COMPANY AUGUST 31, CURRENT YEAR Revenues Services provided to customers Investment by stockholders Loan from bank $17,e00 5,000 15,00e s 37,ee0 Expenses: Payments to long-term creditors Expenses required to provide services to customers Purchase of land $11,70e 7,800 16,000 35,500 $ 1,500 Net income