The income statement of Benning Co. for the month of July shows net income of $1

Question

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.

Insurance expired during July of $400 was omitted.
Supplies expense includes $200 of supplies that are still on hand at July 31.
Depreciation on equipment of $150 was omitted.
Accrued but unpaid wages at July 31 of $300 were not included.
Services provided but unrecorded totaled $500.

Instructions

Complete the correct income statement for July 2010. (List amounts from largest to smallest eg 10, 5, 3, 2.)

Explanation / Answer

Service Revenue 6000 Wages expense 2300 Supplies expense 1000 Utilities expense 600 Insurance expense 400 Wages expense 300 Depreciation expense 150 Net income 1250 Total revenues 6000 Total expenses 4750 Net income 1250

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.