Business, 21.09.2020 14:01, sydneyyyy7014
The income statement of Cullumber Co. for the month of July shows net income of $2,200 based on Service Revenue $6,100, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $400. In reviewing the statement, you discover the following.
1. Insurance expired during July of $600 was omitted.
2. Supplies expense includes $150 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $250 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of $400 were not included.
5. Services performed but unrecorded totaled $700.
Required:
Prepare a correct income statement for July 2017.
Answers: 1
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The income statement of Cullumber Co. for the month of July shows net income of $2,200 based on Serv...
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