An Accountant was hired for ABC Company who have prepared the following income statement for the month of August 2015: Revenues Services provided to customers $15000 Payment to long term creditors...

Extracted text: An Accountant was hired for ABC Company who have prepared the following income statement for the month of August 2015: Revenues Services provided to customers $15000 Payment to long term creditors $12000 Expenses required to provide services to customers $7,500 Expenses Investment by stockholders $5000 Total expenses $35,500 Net loss $500 Loan from bank $15000 Total Revenue $35,000 Purchase of land $16,000 a. Prepare a revised income statement in accordance with generally accepted accounting principles. b.Based on the information for ABC Corporation, prepare a statement of cash flow considering the beginning cash balance was $7200.