Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 4-13 The income statement of Pharoah Company for the month of July shows net income of $3,780 based on Service Revenue $8,460, Salaries and

image text in transcribedimage text in transcribed

Exercise 4-13 The income statement of Pharoah Company for the month of July shows net income of $3,780 based on Service Revenue $8,460, Salaries and Wages Expense $3,090, Supplies Expense $960, and Utilities Expense $630. In reviewing the statement, you discover the following: 1. Insurance expired during July of $440 was omitted 2. Supplies expense includes $360 of supplies that are still on hand at July 31 3. Depreciation on equipment of $330 was omitted. 4. Accrued but unpaid wages at July 31 of $430 were not included 5. Service performed but unrecorded totaled $720 Prepare a correct income statement for July 2017

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

Development Of Accounting And Auditing Systems In China

Authors: Xu-Dong Ji

1st Edition

0415792886, 978-0415792882

More Books

Students also viewed these Accounting questions