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pls answer all parts!! On December 31, 2025, Concord Company prepared an income statement and balance sheet, but failed to take into account three adjusting
pls answer all parts!!
On December 31, 2025, Concord Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $117,000, total liabilities $54,600, and stockholders' equity $62,400. The incorrect income statement showed net income of $54,600. The data for the three adjusting entries were: 1. Salaries and wages amounting to $7,800 for the last 2 days in December were not paid and not recorded, The next payroll will be in January. 2. Rent payments of $6,240 was received for two months in advance on December 1 . The entire amount was credited to Unearned Rent Revenue when paid. 3. Depreciation expense for 2025 is $7,020. Stockholders' Equity $62,400 Step by Step Solution
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