An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2007:
YARNELL COMPANY August 31,2007 | ||
Revenues: |
|
|
Services provided to customers | $15,000 |
|
Investment by stockholders | 5,000 |
|
Loan from bank | 15,000 | $35,000 |
Expenses: |
|
|
Payments to long-term creditors | $12,000 |
|
Expenses required to provide services to customers | 7,500 |
|
Purchase of land | 16,000 | 35,500 |
Net loss |
| $ 500 |
Prepare a revised income statement in accordance with generally accepted accounting principles.
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