Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations. Sales revenue $784,000 Cost of goods sold 374,000 Selling and administrative expenses 144,000 Unusual gain on sale of plant assets 71,000 Unrealized gain on available-for-sale investments 40,000 Interest expense 25,000 Loss on discontinued operations 47,000 Allocation to noncontrolling interest 113,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Crane Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $
Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations. Sales revenue $784,000 Cost of goods sold 374,000 Selling and administrative expenses 144,000 Unusual gain on sale of plant assets 71,000 Unrealized gain on available-for-sale investments 40,000 Interest expense 25,000 Loss on discontinued operations 47,000 Allocation to noncontrolling interest 113,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Crane Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations.
| Sales revenue | $784,000 | ||
| Cost of goods sold | 374,000 | ||
| Selling and administrative expenses | 144,000 | ||
| Unusual gain on sale of plant assets | 71,000 | ||
| Unrealized gain on available-for-sale investments | 40,000 | ||
| Interest expense | 25,000 | ||
| Loss on discontinued operations | 47,000 | ||
| Allocation to noncontrolling interest | 113,000 | ||
| Dividends declared and paid | 19,000 |
Compute the following. Ignore income tax effects.
| (a) | Income from operations | $ | |||
| (b) | Net income | $ | |||
| (c) | Net income attributable to Crane Company’s controlling stockholders | $ | |||
| (d) | Comprehensive income | $ | |||
| (e) | $ |
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