Prepare an income statement, a statement of retained earnings, and a statement of financial position for Web Application Services Company from the items listed below for the month of December 2013.
Definitions:
Expected Demand
An estimation of the quantity of a product or service that consumers will purchase in a specific period.
Daily Profit
The financial gain or loss a business experiences in a single day of operation.
Probabilities P
A mathematical determination of the likelihood of a specific event occurring, usually expressed as a number between 0 and 1.
Event A
A specified outcome or set of outcomes of a random experiment.
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