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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

INCOME STATEMENT From the partial work sheet for Major Advising below, prepare an income statement.

(FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)

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To determine

Prepare an income statement of M Advising for the month ended January 31, 20--.

Explanation

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 of M Advising for the month ended January 31, 20--.

...
M Advising
Income Statement
For Month Ended January 31, 20--
ParticularsAmount ($)Amount ($)
Revenues:  
     Advertising fees 4,140
Expenses:  
     Wages expense700 

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