Muncie Group was organized on January 1. At the end of the year, the company used a

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Muncie Group was organized on January 1. At the end of the year, the company used a first year accounting student to prepare the following income statement:

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List all of the deficiencies that you can identify in this income statement and prepare a proper income statement.

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Financial ACCT2

ISBN: 978-1111530761

2nd edition

Authors: Norman H. Godwin, C. Wayne Alderman

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Question Posted: Jul 16, 2015 01:08 AM

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Muncie Group was organized on January 1. At the end of the year, the company used a

Question:

Muncie Group Income Statement December 31 Income from services Accounts receivable S170,000 40,000 210,000 Total income Less: Expenses Salaries Advertising Dividends Utilities Total expenses S 57,000 (14,000) 10,000 22,000 75,000 $135,000 Net income

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Deficiencies in the income statement include the following December 31 should read For the year endi...View the full answer

Financial ACCT2

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