- An Inexperienced Accountant For Prestwick Company Prepared The Following Income Statement For The Month Of August 2015 1 (26.18 KiB) Viewed 42 times
An inexperienced accountant for Prestwick
Company prepared the following income
statement for the month of August 2015: PRESTWICK
COMPANY AUGUST 31, 2015 Revenues: 17,000 Services provided to customers 5,000 Investment by stockholders 15,000 37,000 Loan from bank Expenses: 11,700 Payments to long-term creditors $ Expenses required to provide services to customers 7,800 16,000 35,500 Purchase of land Net income $ 1,500 Prepare a revised income
statement in accordance with generally accepted accounting principles. PRESTWICK
COMPANY Income
Statement For the Month Ended August 31, 2015 $ $