Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt investments 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance at December 31, 2020. (Ignore income tax effects.)
Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt investments 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance at December 31, 2020. (Ignore income tax effects.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations.
| Sales revenue | $310,000 | |
| Cost of goods sold | 140,000 | |
| Selling and administrative expenses | 50,000 | |
| Gain on sale of plant assets | 30,000 | |
| Unrealized gain on available-for-sale debt investments | 10,000 | |
| Interest expense | 6,000 | |
| Loss on discontinued operations | 12,000 | |
| Dividends declared and paid | 5,000 |
Instructions
Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d)
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