Presented below is information related to Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.) ●   Sales revenue   $1,500,000   ●   Cost of goods sold   600,000   ●   Selling and administrative expenses   300,000   ●   Loss on sale of plant assets   60,000   ●   Unrealized gain on available-for-sale investments   12,000   ●   Interest expense   5,000   ●   Interest revenue   3,500   ●   Loss on discontinued operations   2,000   ●   Allocation to noncontrolling interest   7,500   ●   Dividends declared and paid   26,000   Compute the following: (a)   Income from continuing operations   $enter a dollar amount    (b)   Net income   $enter a dollar amount    (c)   Net income attributable to Blossom Company’s controlling shareholders   $enter a dollar amount    (d)   Comprehensive income   $enter a dollar amount    (e)   Retained earnings balance at December 31, 2017   $enter a dollar amoun

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 Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.)

  Sales revenue   $1,500,000  
  Cost of goods sold   600,000  
  Selling and administrative expenses   300,000  
  Loss on sale of plant assets   60,000  
  Unrealized gain on available-for-sale investments   12,000  
  Interest expense   5,000  
  Interest revenue   3,500  
  Loss on discontinued operations   2,000  
  Allocation to noncontrolling interest   7,500  
  Dividends declared and paid   26,000  


Compute the following:

(a)   Income from continuing operations   $enter a dollar amount   
(b)   Net income   $enter a dollar amount   
(c)   Net income attributable to Blossom Company’s controlling shareholders   $enter a dollar amount   
(d)   Comprehensive income   $enter a dollar amount   
(e)   Retained earnings balance at December 31, 2017   $enter a dollar amount 
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