Information related to Viel Company as of December 31, 2017, at the close of its first year
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Question:
Information related to Viel Company as of December 31, 2017, at the close of its first year of operations, is presented below. (Calculate income measures)
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 investments10,000
Interest expense 6,000
Loss on discontinued operations12,000
Dividends declared and paid 5,000
Calculate the following:
(a) operating income,
(b) net income,
(c) comprehensive income, and
(d) balance of retained earnings as of December 31, 2017. (Ignore the effects of income tax.)
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