The income statement of Norski Co. for the month of July shows net income of $2,000 based on Service Revenue $5500, Salaries and Wages Expense

Question

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The income statement of Norski Co. for the month of July shows net income of $2,000 based on Service Revenue $5500, Salaries and Wages Expense $2100, Supplies Expense $900 and Utilities Expense $500. In reviewing the statement, you discover the following:

1. Insurance expired during July of $350 was omitted.

2. Supplies expense includes $200 of supplies that are still on hand at July 31.

3. Depreciation on equipment of $ 150 was omitted.

4. Accrued but unpaid wages at July 31 of $360 were not included.

5. Services performed but unrecorded totaled $700.

Instructions

Prepare a correct income statement for July 2017.