Noah's sporting goods is having difficulty attaining the credit it needs to expand. what should the company do in order to alle
1 answer:
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Answer:
Explanation:
For preparing the income statement, first, we have to compute the net income/net loss for the given period. The calculation is shown below:
= Consulting revenue - rent expense - salaries expense - telephone expense - miscellaneous expense
= $16,540 - $4,300 - $7,740 - $850 - $670
= $2,980
Since for computing the net income/ net loss we have to deduct the expenses from the income/ revenge earned to find out the net income (Revenue - expenses) and for net loss, the reverse method is used (Expenses - revenues)
The preparation of the income statement is done in the spreadsheet. Please find the attachment.
