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FinanceQ&A LibraryI need prepare the income statement in accordance with genrally accepted accounting principles. Revenue: services provides to cotumers.......$17,000 investment by stockholders..............5,000 loan from bank.....................................15,000 total $37,000 expenses: Payments to long-term creditors...........................$11,700 expenses required to provide services to cutomers....................................................7,800 purchased of land......................................................16,000 total 35,500 net income $1,500Question

I need prepare the income statement in accordance with genrally accepted accounting principles.

Revenue:

services provides to cotumers.......$17,000

investment by stockholders..............5,000

loan from bank.....................................15,000

total $37,000

expenses:

Payments to long-term creditors...........................$11,700

expenses required to provide

services to cutomers....................................................7,800

purchased of land......................................................16,000

total 35,500

net income $1,500

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