An Accountant was hired for ABC Company who have prepared the following income statement for the monthof August 2015:RevenuesServices provided to customers $15000 Payment to long term creditors $12000Expenses required to provide servicesto customers $7,500ExpensesInvestment by stockholders $5000Total expenses $35,500Net loss $500Loan from bank $15000Total Revenue $35,000Purchase of land $16,000a. Prepare a revised income statement in accordance with generally accepted accounting principles.b.Based on the information for ABC Corporation, prepare a statement of cash flow considering the beginningcash balance was $7200.

Name: An Accountant was hired for ABC Company who have prepared the followi
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Description: An Accountant was hired for ABC Company who have prepared the following income statement for the monthof August 2015:RevenuesServices provided to customers $15000 Payment to long term creditors $12000Expenses required to provide servicesto customers

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An Accountant was hired for ABC Company who have prepared the following income statement for the month of August 2015: Revenues Services provided to customers $15000 Payment to long term creditors $12000 Expenses required to provide services to customers $7,500 Loan from bank $15000 Total Revenue $35,000 Purchase of land $16,000 Expenses Investment by stockholders $5000 Total expenses $35,500 Net loss $500 a. Prepare a revised income statement in accordance with generally accepted accounting principles. b.Based on the information for ABC Corporation, prepare a statement of cash flow considering the beginning cash balance was $7200.

An Accountant was hired for ABC Company who have prepared the following income statement for the month of August 2015: Revenues Services provided to customers $15000 Payment to long term creditors $12000 Expenses required to provide services to customers $7,500 Loan from bank $15000 Total Revenue $35,000 Purchase of land $16,000 Expenses Investment by stockholders $5000 Total expenses $35,500 Net loss $500 a. Prepare a revised income statement in accordance with generally accepted accounting principles. b.Based on the information for ABC Corporation, prepare a statement of cash flow considering the beginning cash balance was $7200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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