The income statement of Gopitkumar Co. for the month of July shows net income

$8.00

Description

The income statement of Gopitkumar Co. for the month of July shows net income of $2,743 based on Service Revenue $6,762, Salaries and Wages Expense $2,421, Supplies Expense $1,186, and Utilities Expense $412. In reviewing the statement, you discover the following.

1. Insurance expired during July of $346 was omitted.
2. Supplies expense includes $292 of supplies that are still on hand at July 31.
3. Depreciation on equipment of $296 was omitted.
4. Accrued but unpaid salaries and wages at July 31 of $352 were not included.
5. Services performed but unrecorded totaled $664.

Prepare a correct income statement for July 2014.

GOPITKUMAR CO.
Income Statement
For the Month Ended July 31, 2014
DrawingsExpensesInvestmentsNet Income / (Loss)Owner’s Capital, July 1Owner’s Capital, July 31RevenuesTotal ExpensesTotal Revenues
$
DrawingsExpensesInvestmentsNet Income / (Loss)Owner’s Capital, July 1Owner’s Capital, July 31RevenuesTotal ExpensesTotal Revenues
$
Drawings Expenses Investments Net Income / (Loss) Owner’s Capital, July 1 Owner’s Capital, July 31 Revenues Total Expenses Total Revenues
DrawingsExpensesInvestmentsNet Income / (Loss)Owner’s Capital, July 1Owner’s Capital, July 31RevenuesTotal ExpensesTotal Revenues

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