The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement. To prepare: The income statement assuming the periodic inventory method is used.

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Chapter 5, Problem 6PSA

To determine

Introduction: The income statement of a company is prepared by recording the expenses and the revenues of the company. The comprehensive income statement includes the items which are not included in the income statement.

To prepare: The income statement assuming the periodic inventory method is used.

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