Question
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of $1,400 based on Services Revenue $5,500, Wages Expense $2,300,
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of $1,400 based on Services Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Electricity Expense $600. In reviewing this information you discover:
1. $400 Insurance had expired, and this has not been deducted from the Prepaid Insurance account. 2. Supplies expense included $300 which was actually on hand at 30 September 3. Depreciation on Equipment of $250 was omitted 4. Accrued wages as at 30 September was not included $500 5. Cash Services provided but unrecorded totaled $1000 for the month of September.
Required: Prepare a revised Income Statement based on the above extra information for the month ended 30 September 2020
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