Presented below are certain account balances of Tamarisk Products Co. Rent revenue $7,120 Sales discounts $7,850...
Presented below are certain account balances of Tamarisk
Products Co.
|
Rent revenue |
$7,120 |
Sales discounts |
$7,850 | |||
|---|---|---|---|---|---|---|
|
Interest expense |
13,040 |
Selling expenses |
99,530 | |||
|
Beginning retained earnings |
114,740 |
Sales revenue |
405,200 | |||
|
Ending retained earnings |
134,890 |
Income tax expense |
24,744 | |||
|
Dividend revenue |
71,910 |
Cost of goods sold |
192,416 | |||
|
Sales returns and allowances |
12,430 |
Administrative expenses |
74,560 | |||
| Allocation to noncontrolling interest | 19,400 |
From the foregoing, compute the following: (a) total net revenue,
(b) net income, (c) income attributable to controlling
stockholders, if Tamarisk has allocation to noncontrolling interest
of $19,400.
| (a) | Total net revenue |
$ |
||
| (b) | Net income |
$ |
||
| (c) | Income attributable to controlling stockholders |
$ |
Homework Answers
a) Total net revenue= sales revenue - Sales discounts - Sales returns and allowances + Rent revenue + Dividend revenue
= 405,200 - 7,850 - 12,430+ 7,120 +71,910
= $463,950
b) Net income= Total net revenue - Cost of goods sold - Administrative expenses - Selling expenses - Interest expense - Income tax expense
= 463,950 - 192,416 - 74,560 - 99,530 - 13,040 - 24,744
= $59,660
c) Income attributable to controlling stockholders = Net income - Allocation to non-controlling interest
= 59,660 - 19,400 = $40,260
Add Answer to:
Presented below are certain account balances of Tamarisk
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Sales discounts
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Inventory
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ended December 31, 2022:
Advertising expense
$ 57,000
Interest revenue
$ 34,000
Common stock
252,000
Inventory
69,000
Cost of goods sold
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Depreciation expense
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Retained earnings
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Sales discounts
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