Presented below are certain account balances of Crane Products Co. Rent revenue

Question

Presented below are certain account balances of Crane Products Co. Rent revenue Interest expense Beginning retained earnings Ending retained earnings Dividend revenue Sales returns and allowances 30 13,140 114,660 134,740 71,540 12,760 Sales discounts Selling expenses Sales revenue Income tax expense Cost of goods sold Administrative expenses $7,900 99,730 402,100 28,204 177,459 90,150 $6,6 From the foregoing, compute the following: (a) total net revenue using single-step income statement, (b) net income, (c) income attributable to controlling stockholders, if Crane has allocation to noncontrolling interest of $18,920. (a) Total net revenue (b) Net income (c) Income attributable to controlling stockholders

Explanation / Answer

1 Total Net Revenue Income from Operation Sales Revenue $402,100 Less: Sales discount $7,900          Sales retrun and alowance $12,760 -$20,660 Net Sales Dividend revenue $71,540 Rent Revenue $6,630 Total Net Revenue $459,610 2 Net Income Total Net Revenue $459,610 Less: Expenses Cost of goods sold $177,459 Selling expenses $99,730 Administrative expenses $90,150 Interest expenses $13,140 Total Expenses $380,479 Income before income tax $79,131 Income Tax $28,204 Net Income $50,927 3 Income attributable to controlling stockholders Consolidated net income $50,927 Less: Net income attributable to noncontrolling interests $18,920 Net income attributable to shareholders of the Crane Products Co $32,007

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