Problem

Income StatementAn inexperienced accountant for Yarnell Company prepared the following inc...

Income Statement

An inexperienced accountant for Yarnell Company prepared the following income statement for the month of August 2011:

YARNELL COMPANY

AUGUST 31, 2011

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

$11,700

 

     Expenses required to provide

 

 

        services to customers

7,800

 

     Purchase of land

16,000

35.5000

     Net loss

 

$500

Prepare a revised income statement in accordance with generally accepted accounting principles.

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