The income statement of Blossom Company for the month of July shows net income of $3,310 based on Service Revenue $7,210, Salaries and Wages Expense $2,220, Supplies Expense $960, and Utilities Expense $720. In reviewing the statement, you discover the following: 1. Insurance expired during July of $470 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $250 was omitted. 4. Accrued but unpaid wages at July 31 of $320 were not included. 5. Service performed but unrecorded totaled $710. Prepare a correct income statement for July 2014.
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Home » Business » The income statement of Blossom Company for the month of July shows net income of $3,310 based on Service Revenue $7,210, Salaries and Wages Expense $2,220, Supplies Expense $960, and Utilities Expense $720.