Qno$3$

An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August, current year.

$\backslash$table$[[\backslash$table$[[$Yamell Company$],[$AUGUST $31,2023]]],[$Revenues:$,,],[$Services provided to customers,$$20,000,],[$Investment by stockhoiders,$$8,000,],[$Loan from bank,$$20,0005,548,000],[$Expenses:$,,],[$Payments to long$-$term creditors,$$15,700,],[$Expenses required to provide services to customers,$$$8,800,],[$Purchase of land,$$14,000,538,500],[$Net Income,,$$9500$