Homework Answers
| Concord Corporation | ||
| Multiple-step income statement | ||
| For the Month of March 2019 | ||
| $ | $ | |
| Revenue | ||
| Sales | 388,710.00 | |
| Less: Sales Discounts | 7,240.00 | |
| Less Sales Returns & Allowance | 12,620.00 | 19,860.00 |
| Net Sales | 368,850.00 | |
| Cost of goods sold | 215,090.00 | |
| Gross Profit | 153,760.00 | |
| Operating Expenses | ||
| Freight Out | 6,220.00 | |
| Insurance expenses | 5,180.00 | |
| Salaries and Wages payable | 56,180.00 | |
| Rent Expense | 31,270.00 | |
| Total operating expenses | 98,850.00 | |
| Net Income | 54,910.00 | |
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