Presented below is information related to Concord Corp. for the year 2017.

Presented below is information related to Concord Corp. for the year 2017.

Net sales $1,305,900 Write-off of inventory due to obsolescence $83,290
Cost of goods sold 781,300 Depreciation expense omitted by accident in 2016 48,700
Selling expenses 74,100 Casualty loss 48,000
Administrative expenses 57,500 Cash dividends declared 49,420
Dividend revenue 21,500 Retained earnings at December 31, 2016 972,830
Interest revenue 7,610 Effective tax rate of 34% on all items

List Of Accounts

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Accumulated Depreciation-Equipment
Administrative Expenses
Bad Debt Expense
Casualty Loss
Cost of Goods Sold
Delivery Expense
Depreciation Expense
Dividend Revenue
Entertainment Expense
Equipment
Gain on Disposal of Land
Gain on Sale of Plant
Income Tax Expense
Interest Expense
Interest Revenue
Loss from Earthquake Damage
Maintenance and Repairs Expense
Miscellaneous Selling Expenses
Mortgage Payable
Net Sales
Office Expense
Other Administrative Expenses
Property Tax Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Sales Commission
Sales Discounts
Sales Returns and Allowances
Selling Expenses
Supplies
Supplies Expenses
Telephone and Internet Expense
Travel Expense

Prepare a multi step income Statement and A retained Earnings statement Using the List of Accounts above.

Expert Answer

 

Multistep Income Statement
Sales Revenue Amount ($) Amount ($)
Net Sales 1305900
Cost of Goods Sold (781300)
Gross Profit Sales 524600
Operating Expenses
Selling expenses 74100
Administrative expenses 57500 (131600)
Income from operations 393000
Other Revenues and Gains
Dividend revenue 21500
Interest revenue 7610 29110
422110
Other Expenses and Losses
Write-off of inventory due to obsolescence 83290
Casualty loss 48000 (131290)
Income before income tax 290820
Income tax @ 34% [290820*34%] (98879)
Net income 191941
Statement of Retained Earnings
Retained earnings, Jan. 1, as reported 972830
Correction for overstatement of net income in prior period
(depreciation error) (net of $ 16558 tax) [48700*66%) (32142)
Retained earnings, Jan. 1, as adjusted 940688
Add: Net income 191941
Less: Dividends declared (49420)
Retained earnings, Dec. 31 1083209
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