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CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432,860. 10. On December 31, 2025, Concord declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. 11. An account receivable of $3,910 which originated in 2024 is written off as uncollectible. Adjustment data: 1 A count of supplies indicates that $13.570 of supplies remain unused at year-end. 2 Recorded revenue from item 4 above. 3. 4. 5. The allowance for doubtful accounts should have a balance of $8,050 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $23,000. The income tax rate is 30%. (Hint Prepare the income statement up to income before taxes and multiply by 30% to compute

CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432,860. 10. On December 31, 2025, Concord declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. 11. An account receivable of $3,910 which originated in 2024 is written off as uncollectible. Adjustment data: 1 A count of supplies indicates that $13.570 of supplies remain unused at year-end. 2 Recorded revenue from item 4 above. 3. 4. 5. The allowance for doubtful accounts should have a balance of $8,050 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $23,000. The income tax rate is 30%. (Hint Prepare the income statement up to income before taxes and multiply by 30% to compute

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432,860. 10. On December 31, 2025, Concord declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. 11. An account receivable of $3,910 which originated in 2024 is written off as uncollectible. Adjustment data: 1 A count of supplies indicates that $13.570 of supplies remain unused at year-end. 2 Recorded revenue from item 4 above. 3. 4. 5. The allowance for doubtful accounts should have a balance of $8,050 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $23,000. The income tax rate is 30%. (Hint Prepare the income statement up to income before taxes and multiply by 30% to compute
Transcribed Image Text:CONCORD CORPORATION Balance Sheet December 31, 2024 Cash Accounts receivable $56,580 Accounts payable $58,880 Common stock ($10 104,650 184,000 par) Allowance for doubtful accounts (3.450) Retained earnings 293,020 Supplies 10.120 Land 92,000 Buildings 326,600 Accumulated depreciation-buildings (50,600) $535,900 $535,900 During 2025, the following transactions occurred. 1. On January 1. Concord issued 2,760 shares of $40 par. 7% preferred stock for $113,160. 2. On January 1, Concord also issued 2,070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1, 2025, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2025, to Mar 31, 2026. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432,860. 10. On December 31, 2025, Concord declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. 11. An account receivable of $3,910 which originated in 2024 is written off as uncollectible. Adjustment data: 1 A count of supplies indicates that $13.570 of supplies remain unused at year-end. 2 Recorded revenue from item 4 above. 3. 4. 5. The allowance for doubtful accounts should have a balance of $8,050 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $23,000. The income tax rate is 30%. (Hint Prepare the income statement up to income before taxes and multiply by 30% to compute
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