Answered: (a) Income from operation, (b) net…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is information related to Sohar Inc at December 31, 2020. Sales Revenue OMR 585,000 Cost of goods sold 265,000 Selling and Administrative Expenses 72,000 Gain on sale of plant 38,000 Unrealized gain on sale of Investments 16,000 Interest Expenses 9,000 Loss on discontinued operation 17,000 Allocation to non-controlling interest 49,000 Dividend declared and paid 8,000 Compute the following: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders, (d) Comprehensive income, (e) retained earning balance.

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