Income Statement
Hernandez, Inc., had the following transactions during the month of March 2011. 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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