Concord Corporation had net sales revenue of $5,865,000 and investment revenue of $228,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows: Cost of goods sold Salaries and wages expense (sales) Advertising expense Entertainment expense Selling expenses Salaries and wages expense (administrative) Rent expense Utilities expense Administrative expenses Increase in value of company reputation Unrealized gain on value of patents Interest expense Income tax expense $4,665,000 364,000 128,000 79,000 571,000 301,000 107,000 40,000 448,000 73,000 35,000 155,000 85,000 Concord has 100,000 common shares outstanding throughout the year. Prepare a single-step income statement showing expenses by nature. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.72.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Concord Corporation had net sales revenue of $5,865,000 and investment revenue of $228,000 for the year ended December 31,
2020. Other items pertaining to 2020 were as follows:
Cost of goods sold
Salaries and wages expense (sales)
Advertising expense
Entertainment expense
Selling expenses
Salaries and wages expense (administrative)
Rent expense
Utilities expense
Administrative expenses
Increase in value of company reputation
Unrealized gain on value of patents
Interest expense
Income tax expense
$4,665,000
364,000
128,000
79,000
571,000
301,000
107,000
40,000
448,000
73,000
35,000
155,000
85,000
Concord has 100,000 common shares outstanding throughout the year.
Prepare a single-step income statement showing expenses by nature. Include calculation of EPS. (Round per share answer to 2 decimal
places, e.g. 52.72.)
Transcribed Image Text:Concord Corporation had net sales revenue of $5,865,000 and investment revenue of $228,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows: Cost of goods sold Salaries and wages expense (sales) Advertising expense Entertainment expense Selling expenses Salaries and wages expense (administrative) Rent expense Utilities expense Administrative expenses Increase in value of company reputation Unrealized gain on value of patents Interest expense Income tax expense $4,665,000 364,000 128,000 79,000 571,000 301,000 107,000 40,000 448,000 73,000 35,000 155,000 85,000 Concord has 100,000 common shares outstanding throughout the year. Prepare a single-step income statement showing expenses by nature. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.72.)
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