Question

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Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit 3,500 2,150 1,800 12,000 58,800 15,600 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 11,900 3,400 40,000 35,700 7,550 650 3,200 850 $98,550S9R Ss $98,550 In addition to those accounts listed on the trial balance, the chart of accounts for Concord Corporation also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreclation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No

Answer 1

Net Income = Rent revenue - (Advertising Expenses + Salaries and wages Expense + Utilities Expense)

= 7,550 - (650+3,200+850)

Net Income = $2,850