Question

The income statement of Gopitkumar Co. for the month of July shows net income of $3,000 based on Service Revenue $7,000, Salaries and Wages Expense $2,200, Supplies Expense $1,400, and Utilities Expense $400. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $350 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $350 was omitted. 4. Accrued but unpaid salaries and wages at July 31 of $500 were not included. 5. Services performed but unrecorded totaled $700. Prepare a correct income statement for July 2017. Prepare a correct Income Statement for July, 2017.