Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv

9th Edition

130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309

More Books

Students also viewed these Accounting questions

Question

=+ a. The capitaloutput ratio is constant.

Answered: 1 week ago