The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.
1. Insurance expired during July of $400 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 $300 were not included.
5. Services provided but unrecorded totaled $500.
Instructions
Prepare a correct income statement for July 2008. (List amounts from largest to smallest eg 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)
Benning Co.
Income Statement
Revenues
1. 1.
Expenses
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.
Total Expenses 1.
Net Income 1.