1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Brrunno [24]
3 years ago
13

Concord Co. had sales revenue of $555,600 in 2020. Other items recorded during the year were: Cost of goods sold $320,200 Salari

es 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
Business
1 answer:
NARA [144]3 years ago
8 0

Answer:

                          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.

You might be interested in
Petunia is a debtor. Her employer Quantum Investments, Inc., her ex-husband Rob, her alma mater State University, and Timely Cre
Fed [463]

Answer:

a. Petunia only

Explanation:

A petition for relief through an individual's repayment plan is a document filled out asking to pay off a debt by making small individual payments stretched out over a specific period of time, and can only be filled by the debtor and accepted by the creditors. Therefore it can only be filled out by Petunia.

4 0
2 years ago
Dagnon Corporation uses direct labor-hours in its predetermined overhead rate, At the beginning of the year, the total estimated
xenn [34]

Answer:

a) $17.70

Explanation:

The computation of the predetermined overhead rate is shown below:

But before that we need to do the following calculations

Applied manufacturing overheads is

= $13,850 + $294,130

= $307,980

And,

Applied manufacturing overheads is

= predetermined overhead rate × Actual direct labor hours

Hence predetermined overhead rate is

= $307,980 ÷ 174,00 hours  

= $17.70

Therefore, the correct option is d. $17.70

3 0
3 years ago
Also, although budgetary deficits are designed to shift the aggregate demand curve to the right, it also A) the demand for loana
Murrr4er [49]
Don’t check links they are scams so don’t don’t check links
8 0
3 years ago
The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking indivi
mario62 [17]

Answer:

True

Explanation:

The board as described, refers to the group formed of all the directors, in a company.

Out of all the directors, one individual is selected to lead the group called Chairman.

Further, a designation called Chief Executive Officer is provided to an individual, who is held as one among the key members of the company.

But that person is below the directors, and is appointed through directors.

6 0
3 years ago
After the closing entries are posted to the ledger, each expense account will have:
solong [7]
<h3>♫ - - - - - - - - - - - - - - - ~Hello There!~ - - - - - - - - - - - - - - - ♫</h3>

➷ Each expense account will have a 'zero balance.'

<h3><u>✽</u></h3>

➶ Hope This Helps You!

➶ Good Luck (:

➶ Have A Great Day ^-^

↬ ʜᴀɴɴᴀʜ ♡

6 0
3 years ago
Other questions:
  • The amount of money you can charge to a credit card is called
    6·1 answer
  • Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for commo
    11·1 answer
  • He business decisions of a corporation are made by whom?
    8·1 answer
  • Tracy transfers property with a value of $60,000 and adjusted basis of $50,000 to form Riley Corp. solely in exchange for all 10
    15·1 answer
  • Financial statements are the major means of communicating accounting information to interested parties. Group of answer choices
    13·1 answer
  • Why might a customer prefer to put money into a savings account Instead of a checking
    14·2 answers
  • GIVING AWAY BRAINLIST
    6·2 answers
  • Need help in personal finance.
    12·1 answer
  • Describe the main differences for revenue spending between ""for profit"" companies and ""not for profit"" companies. Describe h
    8·1 answer
  • Average total cost is very high when a small amount of output is produced because.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!