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31 October, 05:41

Concord Co. had sales revenue of $555,600 in 2020. Other items recorded during the year were: Cost of goods sold $320,200 Salaries and wages expense 120,100 Income tax expense 25,590 Increase in value of company reputation 15,570 Other operating expenses 11,210 Unrealized gain on value of patents 20,410 Prepare a single-step income statement for Concord for 2020. Concord has 105,600 shares of stock outstanding

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  1. 31 October, 08:33
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    Concord Co.

    Income Statement

    For the Year Ended December 31, 2020

    Revenues:

    Sales revenue $555,600

    Expenses:

    Cost of goods sold ($320,200)

    Salaries and wages expense ($120,100)

    Other operating expenses ($11,210)

    Income tax expense ($25,590)

    Net income: $78,500

    Earnings per share: $0.74

    Increase in value of company reputation and unrealized gain on value of patents are not included in this income statement.
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