E4.5 (LO 2, 3) (Income Statement) Presented below is information related to Websterple (amounts in thousands).Administrative expenses£ 4,900Depreciation of office furniture and equipment 3,960Officers' salariesCost of goods sold63,570Rent revenue17,230Selling expensesDelivery expense2,690Sales commissions7.980Depreciation of sales equipment6,480Sales revenue96,500Income tax7.580Interest expense1,860InstructionsPrepare an income statement for the year 2022. Ordinary shares outstanding for 2022 total40,550 (in thousands). ExercisesE4.1 (LO 2, 5) (Compute Income Measures) Presented below is information related toViel AG at December 31, 2022, the end of its first year of operations.Sales revenue€310,000Cost of goods soldSelling and administrative expenses140,00050,000Gain on sale of plant assetsUnrealized gain on non-trading equity securities 10,00030,000Interest expense6,000Loss on discontinued operations12,000Allocation to non-controlling interest40,000Dividends declared and paid5,000InstructionsCompute the following: (a) income from operations, (b) net income, (c) net incomeattributable to Viel AG controlling shareholders, (d) comprehensive income, and (e) retainedearnings balance at December 31, 2022. Ignore taxes.

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E4.5 (LO 2, 3) (Income Statement) Presented below is information related to Webster ple (amounts in thousands). Administrative expenses Officers' salaries £ 4,900 Depreciation of office furniture and equipment Cost of goods sold 3,960 63,570 Rent revenue 17,230 Selling expenses Delivery expense 2,690 Sales commissions 7.980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Income tax 7,580

E4.5 (LO 2, 3) (Income Statement) Presented below is information related to Webster ple (amounts in thousands). Administrative expenses Officers' salaries £ 4,900 Depreciation of office furniture and equipment Cost of goods sold 3,960 63,570 Rent revenue 17,230 Selling expenses Delivery expense 2,690 Sales commissions 7.980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Income tax 7,580

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

E4.5 (LO 2, 3) (Income Statement) Presented below is information related to Webster
ple (amounts in thousands).
Administrative expenses
£ 4,900
Depreciation of office furniture and equipment 3,960
Officers' salaries
Cost of goods sold
63,570
Rent revenue
17,230
Selling expenses
Delivery expense
2,690
Sales commissions
7.980
Depreciation of sales equipment
6,480
Sales revenue
96,500
Income tax
7.580
Interest expense
1,860
Instructions
Prepare an income statement for the year 2022. Ordinary shares outstanding for 2022 total
40,550 (in thousands).

Exercises
E4.1 (LO 2, 5) (Compute Income Measures) Presented below is information related to
Viel AG at December 31, 2022, the end of its first year of operations.
Sales revenue
€310,000
Cost of goods sold
Selling and administrative expenses
140,000
50,000
Gain on sale of plant assets
Unrealized gain on non-trading equity securities 10,000
30,000
Interest expense
6,000
Loss on discontinued operations
12,000
Allocation to non-controlling interest
40,000
Dividends declared and paid
5,000
Instructions
Compute the following: (a) income from operations, (b) net income, (c) net income
attributable to Viel AG controlling shareholders, (d) comprehensive income, and (e) retained
earnings balance at December 31, 2022. Ignore taxes.

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