Prepare a correct statement of profit or loss for the month

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Question - The statement of profit or loss of Wolfmother Led for the month of July 2017 shows a profit of $1,268 based on service revenue $5,188; wages expense $2,155; supplies expense $1,189; and electricity expense $576. In reviewing the statement, you discover:

1. the benefit consumed for prepaid insurance during July was not recorded - $303

2. supplies expense includes $385 of supplies that are still on hand at 31 July

3. depreciation on equipment of $136 was omitted

4. accrued but unpaid wages at 31 July of $291 were not included

5. services totalling $841 were performed but not invoiced.

Required - Prepare a correct statement of profit or loss for the month of July 2017?

Reference no: EM132624296

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