The income statement of Midland Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $500. In reviewing the statement, you discover the following.

1. Insurance expired during July of $400 was omitted.

2. Supplies expense includes $300 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 $280 were not included.

5. Services performed but unrecorded totaled $920.

Instructions

Prepare a correct income statement for July 2014.