An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August 2015: 11eb9a08_8825_da6b_b752_938fed04f8c0_SM1627_00 Prepare a revised income statement in accordance with generally accepted accounting principles.

Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Edition 16ISBN: 978-0077862381

Edition 16ISBN: 978-0077862381

Exercise 5

An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August 2015:

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

Explanation

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Financial reporting means reporting fina...