Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement of Pina Colada Corp. for the month of July shows net income of $ 2,500 based on Service Revenue $ 6,400, Salaries
The income statement of Pina Colada Corp. for the month of July shows net income of $ 2,500 based on Service Revenue $ 6,400, Salaries and Wages Expense $ 2,200, Supplies Expense $ 1,100, and Utilities Expense $ 600. In reviewing the statement, you discover the following.
1. | Insurance expired during July of $ 300 was omitted. | |
2. | Supplies expense includes $ 150 of supplies that are still on hand at July 31. | |
3. | Depreciation on equipment of $ 250 was omitted. | |
4. | Accrued but unpaid salaries and wages at July 31 of $ 300 were not included. | |
5. | Services performed but unrecorded totaled $ 700. |
Prepare a correct income statement for July 2019.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started