An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:
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An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:
Prepare a revised income statement in accordance with generally accepted accountingprinciples.
Transcribed Image Text:
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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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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