Problem

An inexperienced accountant for Yarnell Company prepared the following income statement fo...

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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