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The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.
1. Insurance expired during July of $400 was omitted.
2. Supplies expense includes $200 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $150 was omitted.
4. Accrued but unpaid wages at July 31 of $300 were not included.
5. Services provided but unrecorded totaled $500.
Instructions
Prepare a correct income statement for July 2010.
The following information is available for The New Quest Corporation for 2016: Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.
US Federal Income Tax Return
What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job?
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