Greenstream Insurance Agency prepares monthly financial statements. Presented below is an income statement for the month of June that is correct on the basis of information considered. GREENSTREAM INSURANCE AGENCY Income Statement For the Month Ended June 30 Revenues Service Revenue $40,000 Expenses Salaries and Wages Expense $12,000 Advertising Expense 800 Rent Expense 4,200 Depreciation Expense 2,800 Total Expenses 19,800 Net Income 20,200 Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information: 1. A utility bill for $1,200 was received on the last day of the month for electric and gas service for the month of June. 2. A company insurance salesman sold a life insurance policy to a client for a premium of $10,000. The agency billed the client for the policy and is entitled to a commission of 20%. 3. Supplies on hand at the beginning of the month were $2,500. The agency purchased additional supplies during the month for $1,500 in cash and $1,200 of supplies were on hand at June 30. 4. The agency purchased a new car at the beginning of the month for $24,000 cash. The car will depreciate $6,000 per year. 5. Salaries owed to employees at the end of the month total $5,300. The salaries will be paid on July 5. Prepare a corrected income statement. GREENSTREAM INSURANCE AGENCY Income Statement choose the accounting period select an opening name for section one enter an income statement item $ enter a dollar amount enter an opening name for section two enter an income statement item $ enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $ enter a total net income or loss amount Attempts: 0 of 1 used