Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting: The income statement of Blossom Company for the month of july shows.... The income statement of Blossom Company for the month of July shows

Accounting: The income statement of Blossom Company for the month of july shows....

image text in transcribed

The income statement of Blossom Company for the month of July shows net income of $3,030 based on Service Revenue $7,410, Salaries and Wages Expense $2,860, Supplies Expense $970, and Utilities Expense $550. In reviewing the statement, you discover the following: 1. Insurance expired during July of $390 was omitted. 2. Supplies expense includes $330 of supplies that are still on hand at July 31 . 3. Depreciation on equipment of $200 was omitted. 4. Accrued but unpaid wages at July 31 of $390 were not included. 5. Service performed but unrecorded totaled $720. Prepare a correct income statement for July 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

Why does Africa have such a high incidence of HIV/AIDS?

Answered: 1 week ago