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Lena [83]
3 years ago
6

The income statement of Cullumber Co. for the month of July shows net income of $2,200 based on Service Revenue $6,100, Salaries

and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $400. In reviewing the statement, you discover the following.
1. Insurance expired during July of $600 was omitted.
2. Supplies expense includes $150 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $250 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of $400 were not included.
5. Services performed but unrecorded totaled $700.

Required:
Prepare a correct income statement for July 2017.
Business
1 answer:
saw5 [17]3 years ago
3 0

Answer:

Revenue                                                                      $6,800

Expenses:

  • Salaries and Wages Expense ($2,700)
  • Supplies Expense ($1,050)
  • Depreciation expense ($250)
  • Insurance expense ($600)
  • Utilities Expense ($400)                                   <u>($5,000)</u>

Net income                                                                  $1,800

1) you must add insurance expense

2) you must decrease supplies expense = $1,200 - $150 = $1,050

3) you must add depreciation expense

4) you must increase salaries and wages expense = $2,300 + $400 = $2,700

5) you must increase revenue = $6,100 + $700 = $6,800

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Answer: Special damages

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4 0
3 years ago
In the short run:
prisoha [69]

Answer:

C)some inputs are fixed and some inputs are variable.

Explanation:

Usually, the fixed cost are usually fixed for a some levels of activity. However, as the level of activities increases, the fixed cost may also increase.

Variable cost on the other hand changes directly as the level of activities (say number of units produced) changes.

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8 0
3 years ago
Which of the following best explains why resources need to be allocated in the game of economic? A) Natural resources are often
Sladkaya [172]

Answer:

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Explanation:

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3 0
2 years ago
A service-based organization has adopted an expansionist strategy. It has taken on a number of big contracts from clients and is
PolarNik [594]

Answer:

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When adopting an expansionist strategy the company is trying to achieve a higher sales growth rate than before. Since it took several new big contracts it will probably have to hire several (or very many) new employees and they need to do it fast. Usually when this happens, the company will try to hire the best possible applicants from the fastest recruiting source.

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8 0
3 years ago
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