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    Olympic Corp. - Corrected Income Statement

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    The income statement of Olympic Corp. 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.

    1. Insurance expired during July of $400 was omitted.
    2. Supplies expense includes $300 of supplies that are still on hand at July 31.
    3. Depreciation on equipment of $150 was omitted.
    4. Accrued but unpaid wages at July 31 of $300 were not included.
    5. Services provided but unrecorded totaled $1,000.
    Instructions

    Prepare a correct income statement for July 2006.

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    https://brainmass.com/business/income-statement/preparing-income-statement-olympic-corp-example-138528

    Solution Preview

    The income statement of Olympic Corp. 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 ...

    Solution Summary

    This solution is comprised of a correct income statement for July 2006.

    $2.49

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