View Policies Current Attempt in Progress Financial information for CONCORD Inc. follows. CONCORD INC. Statement of Financial Position December 31, 2020 Cash $42,000 Notes payable (short-term) $47,000 Receivables $115,000 Accounts payable 30,000 Less: Allowance 15,000 100,000 Accrued liabilities 8,000 Inventories 190,000 Share capital (50,000 shares) 250,000 Prepaid insurance Land 8,000 Retained earnings 187,000 22,000 Equipment (net) 160,000 $522,000 $522,000 Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Inventory, Jan. 1, 2020 $217,000 Purchases 810,000 Cost of goods available for sale 1,027,000 $1,500,000 Inventory, Dec. 31, 2020 190,000 Cost of goods sold 837,000 Gross profit on sales 663,000 Operating expenses 190,000 Income before income taxes 473,000