Exercise 3-12 (Part Level Submission)

Concord Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2017.

Prepare an income statement for the year ending December 31, 2017. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

CONCORD DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Credit $12,310 Cash Accounts Receivable 22,810 Supplies 6,310 Prepaid Insurance 3,810 Equipment 61,310 Accumulated Depreciation-Equipment $36,310 Accounts Payable 6,310 Interest Payable 168 Notes Payable 5,600 Unearned Service Revenue 6,910 Salaries and Wages Payable 1,576 Common Stock 11,310 Retained Earnings 4,810 Service Revenue 62,810 Salaries and Wages Expense 12,610 Insurance Expense 1,126 Interest Expense 168 Depreciation Expense 7,600 Supplies Expenses 3,400 Rent Expense 4,350 $135,804 $135,804 CONCORD DESIGN Income Statement A +A LA