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

Question

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

 

 

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in

Related Finance Q&A

Find answers to questions asked by student like you

Q: In the table below, please find the daily closings for the Dow Jones Industrial Average. Day D...

A: Calculating the value of five-day moving average for day 6. We have,Five-day moving average=(13,500 ...

Q: Inzaghi Company recently hired you as a consultant to estimate the company’s WACC. You have obtained...

A: WACC is the weighted average cost of capital. The same can be calculated as:WACC = Wd x Kd x (1 - T)...

Q: A $2,000 furniture can be financed by paying $50 per month for 4 years. What is the annual nominal c...

A: Nominal Interest Rate:It is the rate of interest which calculates before taking inflation. It exclud...

Q: At the end of each quarter-year, for 6 years, $1,200 is deposited into an investment paying 3.4% int...

A: At the end of each quarter-year, for 6 years, $1,200 is deposited into an investment paying 3.4% int...

Q: if you are 18 years old, deposit $5000 each year into a traditional IRA for 52 years, at 6% interest...

A: Annuity, A = $ 5,000Interest rate per year, R = 6%Period, N = 52 years

Q: The credit card with the transactions described in the popup below uses the average daily balance me...

A: Credit CardIt is a card issued to customers for making payment towards goods and services. These car...

Q: Suppose the expected return for the market portfolio and risk-free rate are 13 percent and 3 percent...

A: Treynor ratio = (Expected return - Risk free rate) / BetaTreynor ratio of the market = (Expected ret...

Q: Compute the nominal annual rate of interest for the simple annuity due. Future value: - Present valu...

A: Calculation of Nominal Annual Rate of Interest:The Nominal Annual Rate of Interest can be calculated...

Q: What impact do bond ratings have on the cost of debt to the issuing firm?

A: Bond Ratings: It is the ratings that portrayals of the reliability of corporate or government bonds....