Question

Presented below are certain account balances of Oriole Products Co.

Rent revenue $6,520 Sales discounts $8,240
Interest expense 13,460 Selling expenses 99,440
Beginning retained earnings 114,900 Sales revenue 407,700
Ending retained earnings 134,130 Income tax expense 25,015
Dividend revenue 71,910 Cost of goods sold 188,927
Sales returns and allowances 12,910 Administrative expenses 75,820
Allocation to noncontrolling interest 20,040

From the foregoing, compute the following:
a.Total net revenue:_________
b. Net income:__________
c. Income attributable to controlling stockholders:___________

Answer 1

a. Sales revenue 407700

Sales discounts 8240

Sales returns and allowances 12910 (21150)

Net sales 386,550

Rent revenue 6520

Dividend revenue 71910

Total net revenue $464980

b. Total net revenue $464980

Less: Expenses

Cost of goods sold 188927

Selling expenses 99440

Administrative expenses 75820

Interest expense 13460

Income tax expense 25015 $402662

Net income $62318

(c) Total consolidated net income $62318

Less: Allocation to noncontrolling interest $20040

Income attributable to controlling $42278

stockholders