Presented below is information related to Watt Company in its first year of operation. The following information is provided at December 31, 2015, the end of its first year. Sales revenue €420,000 Cost of good sold 210,000 Selling and administrative expenses 75,000 Gain on sale of plant assets 45,000 Unrealized gain on non-trading securities 15,000 Financing costs 10,000 Loss on discontinued operations 20,000 Allocation to non-controlling interest 60,000 Dividends declared and paid 12,000 Instructions: Compute the following (a) income from operations, (b) net income, (c) net income attributable to Watt Company shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2015.
Presented below is information related to Watt Company in its first year of operation. The following information is provided at December 31, 2015, the end of its first year. Sales revenue €420,000 Cost of good sold 210,000 Selling and administrative expenses 75,000 Gain on sale of plant assets 45,000 Unrealized gain on non-trading securities 15,000 Financing costs 10,000 Loss on discontinued operations 20,000 Allocation to non-controlling interest 60,000 Dividends declared and paid 12,000 Instructions: Compute the following (a) income from operations, (b) net income, (c) net income attributable to Watt Company shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2015.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 17E: Income Statement and Retained Earnings Huff Company presents the following items derived from its...
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Presented below is information related to Watt Company in its first year of operation. The
following information is provided at December 31, 2015, the end of its first year.
Sales revenue €420,000
Cost of good sold 210,000
Selling and administrative expenses 75,000
Gain on sale of plant assets 45,000
Unrealized gain on non-trading securities 15,000
Financing costs 10,000
Loss on discontinued operations 20,000
Allocation to non-controlling interest 60,000
Dividends declared and paid 12,000
Instructions:
Compute the following (a) income from operations, (b) net income, (c) net income attributable to Watt Company shareholders, (d) comprehensive income, and (e)
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