sented below for Commonplace Corporat (Partial) income Statenents For the Years

Question

sented below for Commonplace Corporat (Partial) income Statenents For the Years Ended December 31 2817 $717,808 $742,808 Service Revenue utilities Expense Salaries and Kages Expense Rent, Insurance, and Supplies Expense Depreciation and Anortization Expense Incone before Income Tax Expense 32,800 38,800 417,800 472,88 175,880 160,8ee s 78,800 $ 78,8e0 The company's manager provides the following additional information: econy reeied b 3 60 of electricity and other uelity serices used in December 2018, but recorded t only when A custome's $2t00 peyment was received and included as senvice revenue on January 2. 2018, even though it was for services paid in January 2019 performed in December 2017 The company ordered S11000 of supplies in December 2018, but only recorded them when they were received, used, and paid for d The comparny sd not record December 2016siaries of $42.00 undi the employees were paid on January 2, 2017 Saiaries for in January 2019 December 2017 and December 2018 were recorded in the proper years Requ red: Using the above information, revise the comparative income statement to report the proper amounts for each year (Assume alll other transactions and events, such as income taxes, have been properly recorded but are just not displayed on the partial income 2018 2017 Ubises Expense

Explanation / Answer

2018 2017 Service revenue 696000 763000 Utilities expense 35600 30000 Salaries and wages expense 417000 430000 Rent, insurance and supplies expense 175000 160000 Depreciation and amortization expense 23000 10000 Income before income tax expense 45400 133000

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