User Account

All Pages

Prepare a correct income statement for july

Assignment Help Accounting Basics
Reference no: EM131138940

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.

Reference no: EM131138940

Questions Cloud

Process that designer goes through to design for the stage : Explain the process that any designer goes through to design for the stage. Are they any differences in the processes for the different designers?
What is meant by tspr in project management context : What is meant by TSPR in a project management context? As project manager, how would you handle TSPR? Provide specific examples related to your own work or interests.
What are your differential diagnoses for acute low back pain : A 42-year-old male reports pain in his lower back for the past month. The pain sometimes radiates to his left leg. In determining the cause of the back pain, based on your knowledge of anatomy, what nerve roots might be involved? How would you tes..
Empowering employees to make decisions : Class, as more and more organizations move to empowering employees to make decisions, is it critical that the organization define a formal process for decision-making and train employees in decision-making techniques and tools?
Prepare a correct income statement for july : 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.
About the balancing act : You are speaking for the executive board of a small oil company, Future Fuel, in Colorado. Your CEO and founder, Tom Bennet, is very avid supporter of sustainability and innovation. He insists that money invested now will pay off in big dividends dow..
Write case brief on ethical problem : write case brief, select an ethical problem either from current business news. -conduct an ethical analysis to develop an action plan.
Describe the historical development and background of issue : Describe current trends related to the issue; headlines and feature articles within last 5 years. Identify and describe the significance of issue to the nursing profession and professional nursing practice in today's work environment
The trial balance for pioneer advertising agency : The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 100. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Headings for a monthly bank reconciliation

Prepare a table with the headings for a monthly bank reconciliation dated September 30 - Bank service charge for September

  Calculate the net benefit of outsourcing the bookkeeping

There is a general practitioner whose offices are located in the South Falls Professional Building.

  Jackson company adopted dollar value lifo on january12011

jackson company adopted dollar value lifo on january12011 for its one inventory pool. the inventorys value on this

  Calculate the amounts for mary''s 2009 income tax returns

Mary (age 33) is a single taxpayer with adjusted gross income for 2009 of $21,040. Mary maintains a home for two dependent children and has itemized deductions of $3,000. Calculate the following amounts for Mary's 2009 income tax return:

  Harrison clothiers stock currently sells for 20 a share it

harrison clothiers stock currently sells for 20 a share. it just paid a dividend of 1.00 a share. the dividend is

  Acc odgers inc prepare a statement of cash flows

Condensed financial data of Odgers Inc. follow.

  Problem regarding the exercise equipment

A leading manufacturer of exercise equipment wanted to collect data on the effectiveness of their equipment. An August 2001 article in the journal Medicine and Science in Sports and Exercise compared how long it would take men and women to burn 200..

  Ginvold co began operating a subsidiary in a foreign

ginvold co. began operating a subsidiary in a foreign country on january 1 2013 by acquiring all of the common stock

  How can a microrobot be used

Describe three examples of the use of robotics. How can a microrobot be used?

  Catherine bases in the land and inventory

Catherine's basis was $50,000 in the CAR Partnership interest just before she received a proportionate nonliquidating distribution consisting of land held for investment (basis of $40,000, fair market value of $60,000) and inventory (basis of $40,..

  Craig uses the periodic method of recording inventory

Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $16,552. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded.

  The manufacturing operations of reason inc had the

the manufacturing operations of reason inc. had the following balances for the month of january raw materials for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd