The income statement of Lundeen Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salarics and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. Your answer is partially correct. 5. Insurance expired during July of $500 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Unpaid salaries and wages at July 31 of $400 were not included. Services performed but unrecorded totaled $650. Prepare a correct income statement for July 2022. Total Revenues # LUNDEEN CO. Income Statement For the Month Ended July 31, 2022 +

The income statement of Lundeen Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salarics and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. Your answer is partially correct. 5. Insurance expired during July of $500 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Unpaid salaries and wages at July 31 of $400 were not included. Services performed but unrecorded totaled $650. Prepare a correct income statement for July 2022. Total Revenues # LUNDEEN CO. Income Statement For the Month Ended July 31, 2022 +

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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