The income statement of Gopitkumar Co. for the month of July shows net income of

Question

The income statement of Gopitkumar 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 $1,000, and Utilities Expense $600. In reviewing the statement, you discover the following

1. Insurance expired during July of $300 was omitted. Supplies expense includes $150 of supplies that are still on hand at July 31 Accrued but unpaid salaries and wages at July 31 of $400 were not included. n on equipment of $250 was omitted. 4. d but unrecorded totaled $800.

Explanation / Answer

Prepare correct income statement :

Revenue Service revenue 6900 Expense Salary and wages expense 2700 Supplies expense 850 Insurance expense 300 Utilities expense 600 Depreciation expense 250 Total expense 4700 Net income 2200

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