The Income Statement Shown Below Was Prepared and Sent by Curtis

Essay

The income statement shown below was prepared and sent by Curtis Brown,the owner of Curt's Crafts,to several of his creditors.The business is a sole proprietorship that sells crafts and toys.An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles.Using the following additional information provided by the owner,prepare an income statement in accordance with generally accepted accounting principles.