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CONCORD CORPORATION Income Statement For the Year Ended June 30, 2020 Revenues Net Sales $ 1,493,449 Dividend Revenue Total Revenues 1,535,009 Expenses 1,535,009 Cost of Goods Sold Selling Expenses 256,805 Administrative Expenses Interest Expense Total Expenses 1,208,322 Income Before Income Tax 326,687 Income Tax Expense Net Income / (Loss) Telephone and Internet Expense Property Tax Expense Maintenance and Repairs Expense Total Administrative Expenses * Income from Operations Other Revenues and Gains Dividend Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Net Income / (Loss) Earnings Per Common Share Prepare a retained earnings statement for the year ended June 30,2020 . (List items that increase adjusted retoined earnings first.) The following account balances were included in the trial balance of Concord Corporation at June 30, 2020. The Retained Earnings account had a balance of $339,770 at July 1,2019. There are 80,550 shares of conmon stock outstandine. The Retained Earnings account had a balance of $339,770 at July 1, 2019. There are 80,550 shares of common stock outstanding Using the multiple-step form, prepare an income statement for the year ended June 30,2020. (Round earnings per decimal places, e.g. 1.48,) CONCORD CORPORATION Income Statement For the Year Ended June 30, 2020 Sales Sales Revenue $ 1,583,270 Less * Sales Returns and Allowances $ 58.411 Sales Discounts Net Sales Cost of Goods Sold Operating Expenses Selling Expenses Salaries and Wages Expense $ 56,480 i. CONCORD CORPORATION Retained Earnings Statement For the Year Ended June 30, 2020 Retained Earnings, July 1, 2019, as Reported : $ Correction of Depreciation Understatement : Retained Earnings, July 1, 2019, as Adjusted : 321,462 Aidd * Net Income/ (Loss) Less * Dividends Declared on Common Stock $34,320 i Dividends Declared on Preferred Stock Retained Earnings, June 30, 2020 $494909 Retained Earnings Statement For the Year Ended June 30,2020 A Add * Less : : $ CONCORD CORPORATION Income Statement For the Year Ended June 30, 2020 Revenues Net Sales $ 1,493,449 Dividend Revenue Total Revenues 1,535,009 Expenses 1,535,009 Cost of Goods Sold Selling Expenses 256,805 Administrative Expenses Interest Expense Total Expenses 1,208,322 Income Before Income Tax 326,687 Income Tax Expense Net Income / (Loss) Telephone and Internet Expense Property Tax Expense Maintenance and Repairs Expense Total Administrative Expenses * Income from Operations Other Revenues and Gains Dividend Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Net Income / (Loss) Earnings Per Common Share Prepare a retained earnings statement for the year ended June 30,2020 . (List items that increase adjusted retoined earnings first.) The following account balances were included in the trial balance of Concord Corporation at June 30, 2020. The Retained Earnings account had a balance of $339,770 at July 1,2019. There are 80,550 shares of conmon stock outstandine. The Retained Earnings account had a balance of $339,770 at July 1, 2019. There are 80,550 shares of common stock outstanding Using the multiple-step form, prepare an income statement for the year ended June 30,2020. (Round earnings per decimal places, e.g. 1.48,) CONCORD CORPORATION Income Statement For the Year Ended June 30, 2020 Sales Sales Revenue $ 1,583,270 Less * Sales Returns and Allowances $ 58.411 Sales Discounts Net Sales Cost of Goods Sold Operating Expenses Selling Expenses Salaries and Wages Expense $ 56,480 i. CONCORD CORPORATION Retained Earnings Statement For the Year Ended June 30, 2020 Retained Earnings, July 1, 2019, as Reported : $ Correction of Depreciation Understatement : Retained Earnings, July 1, 2019, as Adjusted : 321,462 Aidd * Net Income/ (Loss) Less * Dividends Declared on Common Stock $34,320 i Dividends Declared on Preferred Stock Retained Earnings, June 30, 2020 $494909 Retained Earnings Statement For the Year Ended June 30,2020 A Add * Less : : $
