Income statement: An income statement is one of the financial statements which shows the revenues, and expenses of the company. The income statement is prepared to ascertain the net income/loss of the company, by deducting the expenses from the revenues. Net income = Total revenues – Total expenses To prepare: An income statement of Company N for the month of July 2017.

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Chapter 4, Problem 4.13E

To determine

Income statement:

An income statement is one of the financial statements which shows the revenues, and expenses of the company. The income statement is prepared to ascertain the net income/loss of the company, by deducting the expenses from the revenues.

Net income = Total revenues – Total expenses

To prepare: An income statement of Company N for the month of July 2017.

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