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The following are selected ledger accounts of Concord Corporation at December 31, 2017: Cash $190,000 Entertainment expense $70,600 Inventory (as of Jan
The following are selected ledger accounts of Concord Corporation at December 31, 2017:
Cash
$190,000
Entertainment expense
$70,600
Inventory (as of Jan. 1, 2017)
538,000
Office expense
33,600
Sales revenue
4,271,000
Insurance expense
24,300
Unearned revenue
113,000
Advertising expense
51,600
Purchases
2,711,000
Freight-out
93,800
Sales discounts
32,000
Depreciation of office equipment
51,100
Purchase discounts
25,000
Depreciation of sales equipment
35,000
Salaries and wages (sales)
285,000
Telephone and Internet expense (sales)
17,800
Salaries and wages (administrative)
342,000
Utilities expense (administrative)
31,000
Purchase returns and allowances
15,000
Miscellaneous expense
6,300
Sales returns and allowances
76,000
Rental revenue
240,000
Freight-in
69,000
Loss on disposal of equipment
65,000
Accounts receivable
141,300
Interest expense
182,000
Sales commission expense
81,500
Common shares
860,000
Holland's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. The number of common shares outstanding is 86,000.
Make a condensed multi-step 2017 income statement for Concord Corporation, showing expenses by function. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.74.)
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