The income statement of Gopitkumar Co. for the month of July shows net income of
ID: 2493120 • Letter: T
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