The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and wages at July 31 of $300 were not included. Services performed but unrecorded totaled $650. Prepare a correct income statement for July 2020. Gopitkumar Co. Income Statement A partial adjusted trial balance of Gehring Company at January 31, 2020, shows the following. Gehring Company Adjusted Trial Balance January 31, 2020 Credit Debit $ 850 2,400 Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue $ 800 750 950 400 2,900 2,000 Answer the following questions, assuming the year begins January 1 If the amount in Supplies Expense is the January 31 adjusting entry and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 17 Supplies balances (b) If the amount in Insurance Expense is the January 31 adjusting entry and the original insura was for one year, what was the total premium and when was the policy purchased? Total premium Purchase date If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019? Salaries and wages payable