Question

Presented below is information related to Oriole Company at December 31, 2020, the end of its first year of operations. Sales revenue $785,000 Cost of goods sold 374,000 Selling and administrative expenses 151,000 Unusual gain on sale of plant assets 84,000 Unrealized gain on available-for-sale investments 25,000 Interest expense 22,000 Loss on discontinued operations 33,000 Allocation to noncontrolling interest 111,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Oriole Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $

Answer 1

income from opertations :

sales / total revenue	785000
less : cost of goods sold	374000
less : admin & selling expenses	151000
(a)income from operations	260000
less : interest expenses	(22000)
unusual gain on sale of assets	84000
less : loss on discontinued operation	(33000)
(b)net income	289000
income attributable to controlling stakeholders :
net income	289000
less : income attributable to non controlling stakeholders	111000
(c)income attributable to controlling stakeholders :	178000
comprehensive income
unrealised gain on investment	25000
(d)total comprehensive income	25000
retained earnings
opening balance	-
net income	289000
less : dividend paid	19000
(e)closing balance	270000