Presented below are selected ledger accounts of Concord Corporation as of December 31, 2020. ...
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Accounting
Presented below are selected ledger accounts of Concord Corporation as of December 31, 2020.
| Cash | $44,000 | |
| Administrative expenses | 88,000 | |
| Selling expenses | 70,400 | |
| Net sales | 475,200 | |
| Cost of goods sold | 184,800 | |
| Cash dividends declared (2020) | 17,600 | |
| Cash dividends paid (2020) | 13,200 | |
| Discontinued operations (loss before income taxes) | 35,200 | |
| Depreciation expense, not recorded in 2019 | 26,400 | |
| Retained earnings, December 31, 2019 | 79,200 | |
| Effective tax rate 20% |
(a)
Compute net income for 2020.
| Net income | $ |
77440
(b)
Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020.
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