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Required: Prepare a revise income statement in accordance with generally accepted accounting principles.

Required: Prepare a revise income statement in accordance with generally accepted accounting principles.

FINANCIAL ACCOUNTING
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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Question 7: An inexperienced accountant for Fowler Company prepared the following income statement for the month of august 2018 FOWLER COMPANY Income Statement For the Year Ended December 31, 2018 Revenues Services provided to customers investment by O.Fowler.owner loan from bank Total Revenues: $ 10,000.00 $ 5,000.00 1,400.00 $ 16,400.00 Expenses payment to long term creditors expenses required to provide services to customer purchase of land Total Expenses: 8000 7500 16000 31,500.00 $(15,100.00) Net Loss Required: Prepare a revise income statement in accordance with generally accepted accounting principles.
Transcribed Image Text:Question 7: An inexperienced accountant for Fowler Company prepared the following income statement for the month of august 2018 FOWLER COMPANY Income Statement For the Year Ended December 31, 2018 Revenues Services provided to customers investment by O.Fowler.owner loan from bank Total Revenues: $ 10,000.00 $ 5,000.00 1,400.00 $ 16,400.00 Expenses payment to long term creditors expenses required to provide services to customer purchase of land Total Expenses: 8000 7500 16000 31,500.00 $(15,100.00) Net Loss Required: Prepare a revise income statement in accordance with generally accepted accounting principles.
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