Chapter 15, Problem 8CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Write the formula that illustrates the structure of an income statement. (15-4)

To determine

The formula that illustrate the structure for an income statement.

Explanation

Consider that income statement shows the revenue that the business earns from the sale of all the goods and services. It is also known as a profit or loss statement. It is computed by subtracting the expenses from the revenues.

The formula to compute profit or loss is,

For example, Islander Inc. earns revenue of

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