An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:

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Prepare a revised income statement in accordance with generally accepted accountingprinciples.

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Financial And Managerial Accounting

ISBN: 12

14th International Edition

Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka

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Question Posted: Apr 17, 2014 09:34 AM

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An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:

Question:

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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Financial And Managerial Accounting

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