Question

Asked May 30, 2019

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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

Step 1

**The following the income statement in accordance with GA...**

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