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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.

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lara [203]

Answer:

Command Economy.

Explanation:

6 0
3 years ago
Sosa Diet Supplements had earnings after taxes of $1,170,000 in 20X1 with 347,000 shares of stock outstanding. On January 1, 20X
Sphinxa [80]

Answer:

A. $3.37

B. $3.41

Explanation:

A.Computation for earnings per share for the year 20X1

20X1 Earnings per share= $1,170,000/347,000

20X1 Earnings per share= $3.37

Therefore earnings per share for the year 20X1 will be $3.37

B. Computation for earnings per share for the year 20X2.

First step is to calculate the Earnings available to common stockholders

Earnings available to common stockholders = $1,170,000x (1+.31 )

Earnings available to common stockholders = $1,170,000x 1.31

Earnings available to common stockholders = = $1,532,700

Second step is to calculate the Common shares outstanding

Common shares outstanding = 347,000 + 103,000

Common shares outstanding = 450,000

Now let calculate the earnings per share for the year 20X2

20X2 Earnings per share=$1,532,700/450,000

20X2 Earnings per share = $3.41

Therefore earnings per share for the year 20X2 will be $3.41

8 0
3 years ago
Amy and mike are going to an amusement park. they each bought ice cream, and mike got a soda. amy. y had a $10 coupon to put tow
N76 [4]

We have that

Cost total-------------------------$10 coupon+$30.25=$40.25

<span>ice cream costs                        $1.50*2</span>= -$3

<span>admission cost                        $18*2</span>= -$36

<span>soda cost                                   $X*1</span>= -$X

 $40.25=$3+$36+$X

$X= $ 1.25

a soda costs at the amusement park $ <span>1.25</span>

5 0
3 years ago
Read 2 more answers
Explain the opportunity cost of working on a farm. ​
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Answer:

Opportunity cost is a useful concept when considering alternative places for using your resources and assets. ... If he/she farms the land, the opportunity cost is the income foregone by not renting it to a neighbor.

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2 years ago
How much money should you get selling gold for cash?
Viefleur [7K]
Enough to buy a Mercedes Benz.
7 0
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