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The income statement of Sheridan Company for the month of July shows net income of $3,840 based on Service Revenue $7,900, Salaries and Wages Expense
The income statement of Sheridan Company for the month of July shows net income of $3,840 based on Service Revenue $7,900, Salaries and Wages Expense $2,340, Supplies Expense $980, and Utilities Expense $740. In reviewing the statement, you discover the following:
1. | Insurance expired during July of $440 was omitted. | |
2. | Supplies expense includes $260 of supplies that are still on hand at July 31. | |
3. | Depreciation on equipment of $180 was omitted. | |
4. | Accrued but unpaid wages at July 31 of $330 were not included. | |
5. | Service performed but unrecorded totaled $730. |
Prepare a correct income statement for July 2022.
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