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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