Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations Sales revenue Cost of goods sol

Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Allocation to noncontrolling interest Dividends declared and paid $775,000 350,000 125,000 75,000 25,000 15,000 30,000 100,000 12,000 Compute the following. Ignore income tax effects (a) Income from operations (b) Net income (c) Net income attributable to Wise Companys controlling stockholders s (d) Comprehensive income (e) Retained earnings balance at December 31, 2017

Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Allocation to noncontrolling interest Dividends declared and paid $775,000 350,000 125,000 75,000 25,000 15,000 30,000 100,000 12,000 Compute the following. Ignore income tax effects (a) Income from operations (b) Net income (c) Net income attributable to Wise Company’s controlling stockholders s (d) Comprehensive income (e) Retained earnings balance at December 31, 2017

Expert Answer

 

(a)

Sales revenue $775,000
Cost of goods sold $350,000
Gross profit $425,000
Selling administrative expenses $125,000
Income from operations $300,000

(b)

Income from operations $300,000
Other revenues and gains
Gain on sale of plant assets $75,000
Other expenses and losses $375,000
Interest expense $15,000
Income from continuing operations $360,000
Loss on discontinued operations $30,000
Net Income $330,000

(c)

Net Income $330,000
Allocation to noncontrolling interest $100,000
Net income attributable to controlling shareholders $230,000

(d)

Net income $330,000
Unrealized gain on available-for-sale investments $25,000
Comprehensive income $355,00
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