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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.

To determine

Prepare a single step income statement for Corporation B for the current year.

Explanation

Single-step income statement: This statement displays the total revenues as one line item from which the total expenses including cost of goods sold is subtracted to arrive at the net profit /net loss for the period.

Prepare a single step income statement for Corporation B for the current year.

Corporation B
Income statement
For the year ended December 31, Current year
ParticularsAmount ($)Amount ($)
Revenues:  
Sales revenue$500,000 
Interest revenue$2,000 

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