The following are selected ledger accounts of Concord Corporation at December 31, 2020.

Cash	$181,300	Salaries and wages expense (sales)	$278,320
Inventory	$524,300	Salaries and wages expense (office)	$339,080
Sales revenue	$4,189,500	Purchase returns	$14,700
Unearned sales revenue	$114,660	Sales returns and allowances	$77,420
Purchases	$2,730,280	Freight-in	$70,560
Sales discounts	$33,320	Accounts receivable	$139,650
Purchase discounts	$26,460	Sales commissions	$81,340
Selling expenses	$67,620	Telephone and Internet expense (sales)	$16,660
Accounting and legal services	$32,340	Utilities expense (office)	$31,360
Insurance expense (office)	$23,520	Miscellaneous office expenses	$7,840
Advertising expense	$52,920	Rent revenue	$235,200
Delivery expense	$91,140	Casualty loss (before tax)	$68,600
Depreciation expense (office equipment)	$47,040	Interest expense	$172,480
Depreciation expense (sales equipment)	$35,280	Common stock ($10 par)	$740,880

Concord's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.

Prepare a condensed 2020 income statement for Concord Corporation.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Particulars Amount Sales revenue 418950... View the full answer