Question

These financial statement items are for Concord Company at year-end, July 31, 2019. Salaries and wages payable $ 1,800 Notes payable (long-term) $ 2,000 Salaries and wages expense 51,300 Cash 13,200 Utilities expense 22,300 Accounts receivable 9,200 Equipment 31,300 Accumulated depreciation-equipment 6,500 Accounts payable 4,700 Dividends 3,000 Service revenue 62,000 Depreciation expense 3,600 Rent revenue 8,600 Retained Earnings (beginning of the year) 21,400 Common Stock 26,900

Exercise 4-17 a1,a2-b (Part Level Submission) (Video) These financial statement items are for Concord Company at year-end, July 31, 2019. Salaries and wages payable $ 1,800 Notes payable (long-term) $ 2,000 Salaries and wages expense 51,300 Cash 13,200 Utilities expense 22,300 Accounts receivable 9,200 Equipment 31,300 Accumulated depreciation equipment 6,500 Accounts payable 4,700 Dividends 3,000 Service revenue 62,000 Depreciation expense 3,600 Rent revenue 8,600 Retained Earnings (beginning of the year) 21,400 Common Stock 26,900 (a) Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Concord Company Income Statement Click if you would like to Show Work for this question: Open Show Work

Answer 1

Revenues
... Service Revenue	$62,000
... Rent Revenue	$8,600
Total revenues		$70,600
Expenses
... Salaries and wages expense	$51,300
... Utilities Expense	$22,300
... Depreciation expense	$3,600
Total expenses		$77,200
Net loss		$6,600