Reference no: EM132719612
Question - The following are selected ledger accounts of Concord Corporation at December 31, 2017:
Cash $190,000
Entertainment expense $70,600
Inventory (as of Jan. 1, 2017) 538,000
Office expense 33,600
Sales revenue 4,271,000
Insurance expense 24,300
Unearned revenue 113,000
Advertising expense 51,600
Purchases 2,711,000
Freight-out 93,800
Sales discounts 32,000
Depreciation of office equipment 51,100
Purchase discounts 25,000
Depreciation of sales equipment 35,000
Salaries and wages (sales) 285,000
Telephone and Internet expense (sales) 17,800
Salaries and wages (administrative) 342,000
Utilities expense (administrative) 31,000
Purchase returns and allowances 15,000
Miscellaneous expense 6,300
Sales returns and allowances 76,000
Rental revenue 240,000
Freight-in 69,000
Loss on disposal of equipment 65,000
Accounts receivable 141,300
Interest expense 182,000
Sales commission expense 81,500
Common shares 860,000
Holland's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. The number of common shares outstanding is 86,000.
Required - Make a condensed multi-step 2017 income statement for Concord Corporation, showing expenses by function. Include calculation of EPS.