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The income statement of Ivanhoe Company for the month of July shows net income of $1,880 based on Service Revenue $5,170, Salaries and Wages Expense
The income statement of Ivanhoe Company for the month of July shows net income of $1,880 based on Service Revenue $5,170, Salaries and Wages Expense $1,974, Supplies Expense $846, and Utilities Expense $470. In reviewing the statement, you discover the following: 1. Insurance expired during July of $329 was omitted. 2. Supplies expense includes $188 of supplies that are still on hand at July 31 . 3. Depreciation on equipment of $141 was omitted. 4. Unpaid wages at July 31 of $337 were not included. 5. Services performed but unrecorded totaled $658. Prepare a correct income statement for July 2022
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