The income statement of Montee Co. for the month of July shows net income of $1,450 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.
- Insurance expired during July of $400 was omitted.
- Supplies expense includes $250 of supplies that are still on hand at July 31.
- Depreciation on equipment of $150 was omitted.
- Accrued but unpaid salaries and wages at July 31 of $300 were not included.
- Services performed but unrecorded totaled $650.
Instructions
Prepare a correct income statement for July 2019
Answer
Montee Co.
Income Statement
For the Month Ended July 31, 2019
Income Statement
For the Month Ended July 31, 2019
