Presented below are certain account balances of KIt Products Co.

Rent revenue $7,400

Sales discounts $7,800

Interest expense 13,140

Selling expenses 99,650

Beginning retained earnings 114,780

Sales revenue 407,200

Ending retained earnings 134,960

Income tax expense 26,076

Dividend revenue 71,690

Cost of goods sold 193,771

Sales returns and allowances 12,700

Administrative expenses 85,750

From the foregoing, compute the following:

(a) total net revenue using single-step income statement,

(b) net income,

(c) income attributable to controlling stockholders, if Kit has allocation to noncontrolling interest of $17,640.

Answer rating: 100% (QA)

A sales revenue 407200 sales discount 7800 sales return and allowances 12700 rent revenue 7400 ... View the full answer