Question
The following are selected ledger accounts of Concord Corporation at December 31, 2020. Cash $181,300 Salaries and wages expense (sales) $278,320 Inventory $524,300 Salaries and
The following are selected ledger accounts of Concord Corporation at December 31, 2020.
Cash | $181,300 | Salaries and wages expense (sales) | $278,320 |
Inventory | $524,300 | Salaries and wages expense (office) | $339,080 |
Sales revenue | $4,189,500 | Purchase returns | $14,700 |
Unearned sales revenue | $114,660 | Sales returns and allowances | $77,420 |
Purchases | $2,730,280 | Freight-in | $70,560 |
Sales discounts | $33,320 | Accounts receivable | $139,650 |
Purchase discounts | $26,460 | Sales commissions | $81,340 |
Selling expenses | $67,620 | Telephone and Internet expense (sales) | $16,660 |
Accounting and legal services | $32,340 | Utilities expense (office) | $31,360 |
Insurance expense (office) | $23,520 | Miscellaneous office expenses | $7,840 |
Advertising expense | $52,920 | Rent revenue | $235,200 |
Delivery expense | $91,140 | Casualty loss (before tax) | $68,600 |
Depreciation expense (office equipment) | $47,040 | Interest expense | $172,480 |
Depreciation expense (sales equipment) | $35,280 | Common stock ($10 par) | $740,880 |
Concord's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.
Prepare a condensed 2020 income statement for Concord Corporation.
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