Question

The following information was taken from the records of Concord Inc. for the year 2017: Income tax applicable to income from continuing operations $188,564; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $16,100.

Gain on sale of equipment		$98,500		Cash dividends declared		$158,500
Loss on discontinued operations		78,200		Retained earnings January 1, 2017		651,700
Administrative expenses		244,000		Cost of goods sold		813,100
Rent revenue		45,400		Selling expenses		327,700
Loss on write-down of inventory		65,800		Sales Revenue		1,861,300

Shares outstanding during 2017 were 94,500.

Prepare a single-step income statement

Answer 1

CONCORD INC INCOME STATEMENT For the year ended 31 december 2017
Revenue
Sales revenue	1861300
Rent revenue	45400
Gain on sale of equipment	98500
Total revenue		2005200
expense
cost of goods sold	813100
selling expense	327700
Administrative expenses	244000
Loss on write-down of inventory	65800
Total expense		(1450600)
Income from continuing operations before tax		554600
less:Income tax		(188564)
Income from continuing operations		366036
Discontinued operations
Loss on discontinued operations	(78200)
Add::Income tax savings	26588	(51612)
Net Income		314424
Earning per share
Income from continuing operations [366036/94500]	3.87
Loss from discontinued operations [-51612/94500]	(.55)
Net Income [314424/94500]	3.32