(Solved): An inexperienced accountant for Prestwick Company prepared the following income statement for the mo ...

An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August, current year. \table[[PRESTWICK COMPANY AUGUST 31, CURRENT YEAR],[Revenues:,,],[Services provided to customers,$17,000,],[Investment by stockholders,5,000,],[Loan from bank,15,000,$ 37,000],[Expenses:,,],[Payments to long-term creditors,$11,700,],[Expenses required to provide services to customers,7,800,],[Purchase of land,16,000,35,500],[Net income,,$ 1,500]] Prepare a revised income statement in accordance with generally accepted accounting principles. \table[[PRESTWICK COMPANY],[Income Statement],[For the Month Ended August 31, Current Year,],[,],[,],[,]]