The income statement of Montee 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. Earned but unpaid salaries and wages at July 31 of $300 were not included.

Instructions
Prepare a correct income statement for July 2022.