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The income statement of Cullumber Company for the month of July shows net income of $ 2,130 based on Service Revenue $ 6,930, Salaries and
The income statement of Cullumber Company for the month of July shows net income of $ 2,130 based on Service Revenue $ 6,930, Salaries and Wages Expense $ 3,090, Supplies Expense $ 930, and Utilities Expense $ 780. In reviewing the statement, you discover the following: 1. Insurance expired during July of $ 530 was omitted. 2. Supplies expense includes $ 410 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $ 350 was omitted. 4. Accrued but unpaid wages at July 31 of $ 440 were not included. 5. Service performed but unrecorded totaled $ 720. Prepare a correct income statement for July 2017. CULLUMBER COMPANY Income Statement July 31, 2017 V Revenues Service Revenue $ Expenses Salaries and Wages Expense $ supplies expense utilities expense insurance expense Depreciation Expense Total Expenses Net Income /(Loss) $
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