The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following: 1. Insurance expired during July of $301 was omitted. 2. Supplies expense includes $172 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $129 was omitted. 4. Accrued but unpaid wages at July 31 of $309 were not included. 5. Services performed but unrecorded totaled $602. Prepare a correct income statement for July 2022.

The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense...

The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following:

1.		Insurance expired during July of $301 was omitted.
2.		Supplies expense includes $172 of supplies that are still on hand at July 31.
3.		Depreciation on equipment of $129 was omitted.
4.		Accrued but unpaid wages at July 31 of $309 were not included.
5.		Services performed but unrecorded totaled $602.

Prepare a correct income statement for July 2022.

Jun 08, 2022

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The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense...

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