I. There are a few errors in the annual income statement for Mayfare Plumb-ing, owned by James Fare. Examine the income statement, and thencomplete the exercises.INCOME STATEMENTJAMES FAREDECEMBER 31, 20-RevenueSales and Service$107 416.00J. Fare, CapitalTotal Revenue$ 26 945.33$134 361.33Operating ExpensesAdvertising ExpenseBank ChargesCar ExpenseGas and OilJ. Fare, Drawings$ I 1 50.50I 750.004 296.004 935.0018 076.0915 906.00Materials UsedMiscellaneous ExpenseTelephone ExpenseUtilities257.00250.003 975.12Total ExpensesNet Profit50 595.71$ 83 765.62A. Identify the errors and list them in the space provided in yourWorkbook.B. Prepare a corrected income statement in good form.

Income statement is the statement which shows net income or loss of the company by the difference…

1. There are a few errors in the annual income statement for Mayfare Pluml ing, owned by James Fare. Examine the income statement, and the- complete the exercises. INCOME STATEMENT JAMES FARE DECEMBER 31, 20- Revenue Sales and Service $107 416.00 J. Fare, Capital Total Revenue Operating Expenses Advertising Expense Bank Charges Car Expense Gas and Oil $ 26 945.33 $134 361.33 $ I 150.50 1 750.00 4 296.00 4 935.00 J. Fare, Drawings Materials Used 18 076.09 15 906.00 Miscellaneous Expense Telephone Expense Utilities 257.00 250.00 3 975.12 Total Expenses 50 595.71 Net Profit $ 83 765.62 A. Identify the errors and list them in the space provided in you Workbook. B. Prepare a corrected income statement in good form.

1. There are a few errors in the annual income statement for Mayfare Pluml ing, owned by James Fare. Examine the income statement, and the- complete the exercises. INCOME STATEMENT JAMES FARE DECEMBER 31, 20- Revenue Sales and Service $107 416.00 J. Fare, Capital Total Revenue Operating Expenses Advertising Expense Bank Charges Car Expense Gas and Oil $ 26 945.33 $134 361.33 $ I 150.50 1 750.00 4 296.00 4 935.00 J. Fare, Drawings Materials Used 18 076.09 15 906.00 Miscellaneous Expense Telephone Expense Utilities 257.00 250.00 3 975.12 Total Expenses 50 595.71 Net Profit $ 83 765.62 A. Identify the errors and list them in the space provided in you Workbook. B. Prepare a corrected income statement in good form.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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