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Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors. DIVVY Company Income Statement For the Month Ended 1/31/2021 Revenues Rides Earned 20,000 Cancellation Fee Earned 15,000 Cash 5,000 Total Revenues 40,000 Expenses Wages Expense 10,000 Accumulated Depreciation 25,000 Supplies Expense 15,000 Rent Expense 10,000 Total Expenses 60,000 Net Loss (20,000)

Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors. DIVVY Company Income Statement For the Month Ended 1/31/2021 Revenues Rides Earned 20,000 Cancellation Fee Earned 15,000 Cash 5,000 Total Revenues 40,000 Expenses Wages Expense 10,000 Accumulated Depreciation 25,000 Supplies Expense 15,000 Rent Expense 10,000 Total Expenses 60,000 Net Loss (20,000)

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 28E: Multiple-step income statement The following income statement for Curbstone Company was prepared for...
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Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors. DIVVY Company Income Statement For the Month Ended 1/31/2021 Revenues Rides Earned 20,000 Cancellation Fee Earned 15,000 Cash 5,000 Total Revenues 40,000 Expenses Wages Expense 10,000 Accumulated Depreciation 25,000 Supplies Expense 15,000 Rent Expense 10,000 Total Expenses 60,000 Net Loss (20,000)
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