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BLOSSOM COMPANY Income Statement $ 2$ $4

BLOSSOM COMPANY Income Statement $ 2$ $4

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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BLOSSOM COMPANY Income Statement 2$ 2$
Transcribed Image Text:BLOSSOM COMPANY Income Statement 2$ 2$
The income statement of Blossom Company for the month of July shows net income of $ 3,030 based on Service Revenue $ 7,410, Salaries and Wages Expense $ 2,860, Supplies Expense $ 970, and Utilities Expense $ 550. In reviewing the statement, you discover the following: 1. Insurance expired during July of $ 390 was omitted. 2. Supplies expense includes $ 330 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $ 200 was omitted. 4. Accrued but unpaid wages at July 31 of $ 390 were not included. 5. Service performed but unrecorded totaled $ 720.
Transcribed Image Text:The income statement of Blossom Company for the month of July shows net income of $ 3,030 based on Service Revenue $ 7,410, Salaries and Wages Expense $ 2,860, Supplies Expense $ 970, and Utilities Expense $ 550. In reviewing the statement, you discover the following: 1. Insurance expired during July of $ 390 was omitted. 2. Supplies expense includes $ 330 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $ 200 was omitted. 4. Accrued but unpaid wages at July 31 of $ 390 were not included. 5. Service performed but unrecorded totaled $ 720.
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