Complete Income Statement

Chapter 9 Question 1 of 1 > Concord Corporation's unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $37,840 Accounts Receivable 63,296 Notes Receivable 17,200 Interest Receivable 0 Inventory 62,264 Prepaid Insurance 6,192 Land 34,400 Buildings 258,000 Equipment 103,200 Patent 15,480 Allowance for Doubtful Accounts $860 Accumulated Depreciation- Buildings 86,000 TH 12 Hic *** w Chapter 9 Question 1 of 1 > Accounts Payable 46,956 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 18,920 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) 60,200 Common Stock 86,000 Retained Earnings 109,392 Dividends 20,640 Sales Revenue 1,548,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense O Cost of Goods Sold 1,083,600 Question 1 of 1 8/20 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense Interest Expense o Other Operating Expenses 106,296 Amortization Expense 0 Salaries and Wages Expense 189,200 Total $1.997,608 $1,997,608 The following transactions occurred during December. Purchased equipment for $27,520, plus sales taxes of $1,376 (paid in cash). Dec. 2 2 Concord sold for $6,020 equipment which originally cost $8,600. Accumulated depreciation on this equipment at January 1, 2022, was $3,096; 2022 depreciation prior to the sale of equipment was $1,419. 15 Concord sold for $8,600 on account inventory that cost $6,020. 23 Salaries and wages of $11,352 were paid. Adjustment data: 1. Concord estimates that uncollectible accounts receivable at year-end are $6,880. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $6,192, 6-month premium on September 1, 2022. The building is being depreciated using the straight-line method over 30 years. The salvage value is $51,600. 4. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $3,096. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $3,784. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $25,800. It was unpaid at December 31. w Chapter 9 Question 1 of 1 8/20 CONCORD CORPORATION Income Statement ta 2 O 18 - arch 28F Mostly cloudy 2) e