Question

Concord Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is shown as follows. No. Credit 101 112 157 158 201 208 Concord Company Adjusted Trial Balance July 31, 2022 Account Titles Debit Cash $9,700 Accounts Receivable 8,500 Equipment 16,000 Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends 16,000 Service Revenue Rent Revenue Depreciation Expense 7,500 Salaries and Wages Expense 56,000 Utilities Expense 14,800 $128,500 $7,900 4,450 1,700 16,650 26,800 311 320 332 400 65,000 6,000 429 711 726 732 $128,500

Please fill out the table.

Answer 1

Concord Company
Income Statement
For the year ended Jul 31 2022
Revenue:
Service Revenues	65000
Rent Revenue	6000
Total Revenue		71000
Expenses:
Depreciation	7500
Salaries & Wages Expense	56000
Utilities Expense	14800
Total Expenses		78300
Net Income (Loss)		-7300