Exercise 13-19 Presented below is information related to Concord Inc. CONCORD INC. BALANCE SHEET DECEMBER 31, 2017 Cash $45,400 Notes payable (short-term) $110,000 Receivables Accounts payable 15,200 94,800 Accrued liabilities Less: Allowance 171,500 Common stock (par $5) Inventory Prepaid insurance 7,900 Retained earnings 20,200 Land 151,200 Equipment (net) $491,000 CONCORD INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $1,398,700 Sales revenue Cost of goods sold $202,000 Inventory, Jan. 1, 2017 783,700 Purchases Cost of goods available for sale 985,700 (171,500) Inventory, Dec. 31, 2017 814,200 Cost of goods sold 584,500 Gross profit on sales 168,800 Operating expenses $415,700 Net income $49,700 32,100 5,000 262,400 141,800 $491,000