Revenues and profits: Revenues are defined as amount generated from sales. Profits are defined as excess revenues over expenses incurred whereas loss is define as excess expenses incurred as compared to revenues. To calculate: Schedule to disclose revenues, operating profit or losses.

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Chapter 12, Problem 12.8.1P

To determine

Revenues and profits:

Revenues are defined as amount generated from sales.

Profits are defined as excess revenues over expenses incurred whereas loss is define as excess expenses incurred as compared to revenues.

To calculate: Schedule to disclose revenues, operating profit or losses.

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