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Presented below are the financial statements of Concord Corporation.
Presented below are the financial statements of Concord Corporation.
Concord Corporation
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash$ 38,150
$ 21,800
Accounts receivable21,800
15,260
Inventory30,520
21,800
Property, plant, and equipment65,400
85,020
Accumulated depreciation(34,880
)
(26,160
)
Total$120,990
$117,720
Liabilities and Stockholders' Equity
Accounts payable$ 20,710
$ 16,350
Income taxes payable7,630
8,720
Bonds payable18,530
35,970
Common stock19,620
15,260
Retained earnings54,500
41,420
Total$120,990
$117,720
Concord Corporation
Income Statement
For the Year Ended December 31, 2017
Sales revenue
$263,780
Cost of goods sold190,750
Gross profit73,030
Selling expenses$19,620
Administrative expenses6,540
26,160
Income from operations46,870
Interest expense3,270
Income before income taxes43,600
Income tax expense8,720
Net income$ 34,880
Additional data:
1.Depreciation expense was $19,075.2.Dividends declared and paid were $21,800.3.During the year equipment was sold for $9,265 cash. This equipment cost $19,620 originally and had accumulated depreciation of $10,355 at the time of sale
