Presented below are certain account balances of Paczki Products Co. Rent revenue $ 6,500 Interest expense 12,700 Beginning retained earnings 114,400 Ending retained earnings 125,000 Dividend revenue 71,000 Sales returns and allowances 12,400 Allocation to noncontrolling interest 17,000 Sales discounts $ 7,800 Selling expenses 99,400 Sales revenue 390,000 Income tax expense 31,000 Cost of goods sold 184,400 Administrative expenses 82,500 Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.
Presented below are certain account balances of Paczki Products Co. Rent revenue $ 6,500 Interest expense 12,700 Beginning retained earnings 114,400 Ending retained earnings 125,000 Dividend revenue 71,000 Sales returns and allowances 12,400 Allocation to noncontrolling interest 17,000 Sales discounts $ 7,800 Selling expenses 99,400 Sales revenue 390,000 Income tax expense 31,000 Cost of goods sold 184,400 Administrative expenses 82,500 Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below are certain account balances of Paczki Products Co.
| Rent revenue | $ 6,500 |
| Interest expense | 12,700 |
| Beginning |
114,400 |
| Ending retained earnings | 125,000 |
| Dividend revenue | 71,000 |
| Sales returns and allowances | 12,400 |
| Allocation to noncontrolling interest | 17,000 |
| Sales discounts | $ 7,800 |
| Selling expenses | 99,400 |
| Sales revenue | 390,000 |
| Income tax expense | 31,000 |
| Cost of goods sold | 184,400 |
| Administrative expenses | 82,500 |
Instructions
From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.
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