Question

In: Accounting

Retained Earning                                $550,000 Net Sales              

Retained Earning                                $550,000

Net Sales                                    1,300,000

Selling expenses                                200,000

Earthquake loss on plant (unusual and infrequent)                280,000

Cash Dividends declared on common stock                    33,000

Cash Dividends declared on preferred stock                    12,000

Cost of goods sold                                780,000

Gain resulting from computation error on depreciation charge in 2015         510,000

Dividend revenue                                60,000

Administrative expenses                            40,000

Unrealize holding loss on available for sale securities                30,000

Gain on disposal of a component                        100,000

tax is 30% , 100,000 shares of common stock are outstanding

1. Determine continuing operations net of tax to report in income statement

2. determine comprehensive income

Assume income from operation (net of tax) is $50,000

3. determine Earning per share for net income and discontinued operations

Assume Net Income is 110,000

4. what is the end retained earning on balance sheet?

5. What is the noncontrolling interest (minority shares are 20%

3

Solutions

Expert Solution

5.Non-controlling interest araises when consolidated F/S are prepared and represents the portion of an acquiree (subsidiary) that are not owned by consolidated entity.

ekkarill92 answered 1 year ago
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