Question

Exercise 4-13 The income statement of Oriole Company for the month of July shows net income of $3,820 based on Service Revenue $7,800, Salaries and Wages Expense $2,290, Supplies Expense $920, and Utilities Expense $770. In reviewing the statement, you discover the following: 1. Insurance expired during July of $520 was omitted. 2. Supplies expense includes $290 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 $350 were not included. 5. Service performed but unrecorded totaled $740. Prepare a correct income statement for July 2022. ORIOLE COMPANY Income Statement $ Click if you would like to Show Work for this question: Open Show Work

Answer 1

Oriole Company
Income Statement
For the month ended July 31, 2022
Revenues:
Service revenue ($7800 + $740)		$       8,540
Expenses:
Wages expense ($2290 + $350)	$       2,640
Supplies expense ($920 - $290)	$           630
Utilities expense	$           770
Insurance expense	$           520
Depreciation expense	$           150
Total expense		$       4,710
Net Income		$       3,830

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