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

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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

 

 

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