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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 6E
Textbook Problem
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Income statement; net loss

The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end of the fiscal year:

Chapter 4, Problem 6E, Income statement; net loss The following revenue and expense account balances were taken from the

Prepare an income statement.

To determine

Prepare an income statement.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement.

Company AHS
Income statement
For the year ended January 31, 20Y7
ParticularsAmount ($)Amount ($)
Revenue:  
Service revenue$634,900 
Total revenue (A) $634,900

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Chapter 4 Solutions

Financial And Managerial Accounting
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