Presented below is information related to Viel Company at December 31, 2020, the end of its first
Question:
Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations.
Sales revenue......................................................................$310,000
Cost of goods sold................................................................140,000
Selling and administrative expenses....................................50,000
Gain on sale of plant assets...................................................30,000
Unrealized gain on available-for-sale debt securities.........10,000
Interest expense.......................................................................6,000
Loss on discontinued operations.........................................12,000
Allocation to non-controlling interest..................................40,000
Dividends declared and paid...................................................5,000
Instructions
Compute the following:
(a) Income from operations,
(b) Net income,
(c) Net income attributable to Viel Company controlling shareholders,
(d) Comprehensive income,
(e) Retained earnings balance at December 31, 2020. (Ignore income taxes.)
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel