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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
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 Utilities Expense $600. In reviewing the statement, you discover the following. Insurance expired 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 2015
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