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Question 1 Concord Corporation began operations on January 1,2017. The following information is available for Concord Corporation on December 31,2017 Accounts payable 8,500 Notes payable 14,000 Accounts receivable 5,500 Rent expense Advertising expense 4,280 Retained earnings Cash Common stock Dividends Equipment 13,500 6,600 Service revenue 32,000 18,500 Supplies 6000 Supplies expense 1,420 5,400 30,300
Prepare an income statement for Concord Corporation. Concord Corporation Income Statement For the Month Ended December 31, 2017 For the Year Ended December 31, 2017 December 31, 2017
Prepare a retained earnings statement for Concord Corporation.(List items that increase retained earnings first.) Concord Corporation Retained Earnings Statement
Prepare a balance sheet for Concord Corporation. (List assets in order of liquidity) Concord Corporation Balance Sheet Assets
Liabilities and Stockholders Equity
business   accounting   
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Concord Corporation Income Statement For the Year Ended December 31, 2017 Revenues Service Revenue Expenses: Advertising Expenses Rent Expenses S 32,000 S 4,280 S 13,500 S 1,420 Supplies Expenses Total Expenses S 19,200 S 12,800 Net Income Concord Corporation Retained Earnings Statement For the Year Ended December 31, 2017 Opening Retained Earnings Add: Net Income S 12,800 S 12,800 S 6,000 S6,800 Less: Dividends Closing balance of Retained EarningsConcord Corporation Balance Sheet December. 31,2017 Assets Current assets Cash Accounts Receivables Supplies Equipment Total assets S 6,600 S5,500 S 5,400 S 30,300 S 47,800 Liabilities and Stockholders Equitv Current Liabilities Accounts Pavable Notes Pavable Total Liabilities Shareholders Equity Common Stock Reatined Earnings Total Shareholders Equity Total Liabilities and Owners Capital $8,500 S 14,000 S 22,500 18500 S 6,800 S 25,300 S47,800

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