Problem

Hernandez, Inc., had the following transactions during the month ofMarch 2007. Prepare an...

Hernandez, Inc., had the following transactions during the month of

March 2007. Prepare an in­come statement based on this information, being careful to include only those items that should appear in that financial statement.

1.Cash received from bank loans was $ 10,000.


2.Revenues earned and received in cash were $9,500.


3.Dividends of $4,000 were paid to stockholders.


4.Expenses incurred and paid were $5,465.

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