The income statement of Annette Co. for the month of July shows net income of $3,200 based on Service Revenue $7,700, Salaries and Wages Expense $2,600. Supplies Expense $1,400, and Utilities Expense $500. In reviewing the statement, you discover the following 1. Insurance expired during July of $500 was omitted 2. Supplies expense Indudes $300 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $250 was omitted 4. Accrued but unpald salaries and wages at July 31 of $400 were not included 5. Services provided but unrecorded totaled $700. Prepare a correct income statement for May 2017 Income Statement For the Month Ended July 31, 2017 ANNETTE CO. Income Statement For the Month Ended July 31, 2017 What effect do the corrections have on the amount reported as total assets on the balance sheet? The corrections will 4 of $ What effect do the corrections have on the amount reported as total liabilities on the balance sheet? The corrections will 01$