Presented below is information related to Cullumber Company as of and for the year ended December 31, 2017. This was Cullumber Company's first year of operations. (Ignore income tax effects.) Sales revenue $ 1,350,000 Cost of goods sold 630,000 Selling and administrative expenses 380,000 Loss on sale of plant assets 82,000 Unrealized gain on available-for-sale investments 12,000 Interest expense 5,200 Interest revenue 3,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below is information related to Cullumber Company as of and for the year ended December 31, 2017. This was Cullumber
Company's first year of operations. (Ignore income tax effects.)
Sales revenue
$ 1,350,000
Cost of goods sold
630,000
Selling and administrative expenses
380,000
Loss on sale of plant assets
82,000
Unrealized gain on available-for-sale investments
12,000
Interest expense
5,200
Interest revenue
3,500
Loss on discontinued operations
2,800
Allocation to noncontrolling interest
9,400
Dividends de
red and paid
27,100
Transcribed Image Text:Presented below is information related to Cullumber Company as of and for the year ended December 31, 2017. This was Cullumber Company's first year of operations. (Ignore income tax effects.) Sales revenue $ 1,350,000 Cost of goods sold 630,000 Selling and administrative expenses 380,000 Loss on sale of plant assets 82,000 Unrealized gain on available-for-sale investments 12,000 Interest expense 5,200 Interest revenue 3,500 Loss on discontinued operations 2,800 Allocation to noncontrolling interest 9,400 Dividends de red and paid 27,100
Compute the following:
(a)
Income from continuing operations
(b)
Net income
(c)
Net income attributable to Cullumber Company's controlling shareholders
(d)
Comprehensive income
(e)
Retained earnings balance at December 31, 2017
$
%24
%24
%24
%24
%24
Transcribed Image Text:Compute the following: (a) Income from continuing operations (b) Net income (c) Net income attributable to Cullumber Company's controlling shareholders (d) Comprehensive income (e) Retained earnings balance at December 31, 2017 $ %24 %24 %24 %24 %24
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