The following information was taken from the records of Concord Inc. for the yea

Question

The following information was taken from the records of Concord Inc. for the year 2017: Income tax applicable to income from continuing operations $188,564; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $16,100.

Shares outstanding during 2017 were 94,500.

Prepare a single-step income statement

Gain on sale of equipment $98,500 Cash dividends declared $158,500 Loss on discontinued operations 78,200 Retained earnings January 1, 2017 651,700 Administrative expenses 244,000 Cost of goods sold 813,100 Rent revenue 45,400 Selling expenses 327,700 Loss on write-down of inventory 65,800 Sales Revenue 1,861,300

Explanation / Answer

CONCORD INC

INCOME STATEMENT

For the year ended 31 december 2017

813100

CONCORD INC

INCOME STATEMENT

For the year ended 31 december 2017

Revenue Sales revenue 1861300 Rent revenue 45400 Gain on sale of equipment 98500 Total revenue 2005200 expense cost of goods sold

813100

selling expense 327700 Administrative expenses 244000 Loss on write-down of inventory 65800 Total expense (1450600) Income from continuing operations before tax 554600 less:Income tax (188564) Income from continuing operations 366036 Discontinued operations Loss on discontinued operations (78200) Add::Income tax savings 26588 (51612) Net Income 314424 Earning per share Income from continuing operations [366036/94500] 3.87 Loss from discontinued operations [-51612/94500] (.55) Net Income [314424/94500] 3.32

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.