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Prepare a correct income statement for july 2012

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Reference no: EM131145741

The income statement of Kaleta Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500; Salaries and Wages Expense $2,100; Supplies Expense $900, and Utilities Expense $500. In reviewing the statement, you discover the following:

1. Insurance expired during July of $350 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 $360 were not included.
5. Revenue earned but unrecorded totaled $700.

Instructions

Prepare a correct income statement for July 2012.

Reference no: EM131145741

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