Question: The income statement of Gopitkumar Co for the month of

The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 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.
1. Insurance expired during July of $400 was omitted.
2. Supplies expense includes $250 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $150 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of $300 were not included.
5. Services performed but unrecorded totaled $650.

Instructions
Prepare a correct income statement for July 2014.


View Solution:


Sale on SolutionInn
Sales11
Views559
Comments
  • CreatedJanuary 30, 2014
  • Files Included
Post your question
5000