GAAP and the income statement One of your friends started a business in 2008. At the end of the first year, December 31, 2008, he prepared the following income statement. Give three examples from the statement that indicate the statement was not prepared according to GAAP. (LO 1,3)
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| Inventory purchase | (1500) |
| Rent for 2008 and 2009 | (975) |
| Cash on hand | 8650 |
| Due from customers | 1400 |
| Net income | $10275 |
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