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Disclosure of income in goodwill statement

XYZ Company manufactures DNA testing kits. They have acquired a reputation for producing a high quality product that is virtually error free. Should this information be included in the income statement? Discuss the implications of including and omitting this information.

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This information will not be included in the income statement because income statement is a statement of profit and loss by the firm during the ...

Solution Summary

This information will not be included in the income statement because income statement is a statement of profit and loss by the firm during the course of its operations in the financial year.

$2.19