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andreyandreev [35.5K]
3 years ago
12

The income statement of Blossom Company for the month of July shows net income of $3,310 based on Service Revenue $7,210, Salari

es 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.
Business
1 answer:
sergey [27]3 years ago
3 0

Answer

Blossom Company

Income Statement

for the month of July  

                                                                                       $                        $

Revenues                                      (1)                                                      7,920

Salaries and Wages Expense      (2)                          2,540

Supplies Expense                         (3)                              710

Insurance expense                       (4)                              470

Depreciation Expenses                (5)                              250

Utilities Expense                                                        <u>      720</u>

 Total expenses                                                                                     <u>4,690</u>

Adjusted Net Income                                                                              <u>3,230</u>

Explanation

1. Revenues

Revenues per question                                                   $ 7,210

Unrecorded services (Note 5 in question)                     <u>$    710</u>

Adjusted revenues                                                          <u> $ 7,920</u>

2. Salaries and wages Expense

Salaries and wages expenses per question                  $ 2,220

Accrued wages not included (Note 4 in question)       <u> $    320 </u>

Adjusted Salaries and wages Expense                         <u> $ 2,540 </u>

3. Supplies Expense

Supplies Expenses per question                                     $   960

Supplies on hand to be adjusted ( Note 2 in quest,)      <u>$ (250)</u>

Adjusted Supplies Expenses                                            <u>$ 710</u>

4. Insurance expired to be expenses ( Note 1 in quest,  <u>$ 470</u>      

5. Depreciation to be recorded (Note3 in question)       <u>$ 250</u>

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