Question

Presented below are certain account balances of Swifty Products Co.

Rent revenue		$6,980		Sales discounts		$8,170
Interest expense		13,320		Selling expenses		99,730
Beginning retained earnings		114,520		Sales revenue		405,100
Ending retained earnings		134,450		Income tax expense		27,776
Dividend revenue		71,430		Cost of goods sold		166,455
Sales returns and allowances		12,730		Administrative expenses		88,620
Allocation to noncontrolling interest		17,320

From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Swifty has allocation to noncontrolling interest of $17,320.

(a)		Total net revenue		enter total net revenue in dollars
(b)		Net income		enter net income in dollars
(c)		Income attributable to controlling stockholders		enter income attributable to controlling stockholders in dollars

Answer 1

a
Sales revenue	405100
Add: Rent revenue	6980
Add: Dividend revenue	71430
Less: Sales returns and allowances	(12730)
Less: Sales discounts	(8170)
Total net revenue	462610
b
Total net revenue	462610
Less: Expenses
Interest expense	13320
Selling expenses	99730
Income tax expense	27776
Cost of goods sold	166455
Administrative expenses	88620
Total Expenses	395901
Net income	66709
c
Net income	66709
Less: Allocation to noncontrolling interest	17320
Income attributable to controlling stockholders	49389