Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

The income statement of Benning Co. 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 $200 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 $500.
Instructions
Prepare a correct income statement for July 2008. (List amounts from largest to smallest eg 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)
Benning Co.
Income Statement

Revenues
1. 1.

Expenses
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.
Total Expenses 1.

Net Income 1.

 

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M928108

Have any Question? 


Related Questions in Basic Finance

The frequency range for a telephone is between 500 hz and

The frequency range for a telephone is between 500 Hz and 4000 Hz. Why does a telephone not do a very good job of transmitting music?

The us treasury bill is yielding 185 percent and the market

The U.S. Treasury bill is yielding 1.85 percent and the market has an expected return of 7.48 percent. What is the Treynor ratio of a correctly-valued portfolio that has a beta of 1.33 and a variance of .0045? .056.069.0 ...

1 the rating on an industrial revenue bond is

1. The rating on an industrial revenue bond is representative of the probability of default of bonds issued with the full faith and credit of a governmental unit. Comment. 2. The accounting for not-for-profit institution ...

Wrtie 2500 words report shows an evaluation hsbc relative

Wrtie 2500 words report shows an evaluation HSBC relative to a peer bank chosen as BARCLAYS In london. Down below is a smaple of a similiar project i need it to be done in the SAME WAY.

Hypochondriacs are obsessed with their health talk a great

Hypochondriacs are obsessed with their health, talk a great deal about their real and imagined health problems, and visit their physician frequently. Imagine that you developed an 8-item self-report measure of hypochondr ...

Analyze the long-term debt of general electric company

Analyze the long-term debt of General Electric Company (ticker: GE), General Motors Corp. (GM), and Ford Motor Company (F) relative to total assets over the last ten years. How has long-term debt changed over this period ...

Taxable income- nick is married and has three children in

Taxable Income:- Nick is married and has three children in college. His wife is a homemaker. Nick has an adjusted gross income of $37,400. If Nick's standard deduction is $11,900, his itemized deductions are $12,200, and ...

1 give examples of disclosure in notes with personal

1. Give examples of disclosure in notes with personal financial statements. 2. If quoted market prices are not available, a personal financial statement cannot be prepared. Comment. 3. List some objectives that could be ...

You are the manager of a financially distressed corporation

You are the manager of a financially distressed corporation that has $5 million in loans, which come due in 30 days. Your firm has $4 million cash on hand. Suppose that a longtime supplier of materials to your firm is pl ...

Why is the capms assumption that investors can borrow and

Why is the CAPM's assumption that investors can borrow and lend at the risk-free rate questionable? What is meant by the "homogeneous assumption" in the CAPM? What is meant by the law of one price, and what does it imply ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro