Exercise 4-3 Your answer is partially correct. Try again Presented below are cer

ID: 2399353 • Letter: E

Question

Exercise 4-3 Your answer is partially correct. Try again Presented below are certain account balances of Bonita Products Co. Rent revenue Interest expense Beginning retained earnings Ending retained earnings Dividend revenue Sales returns and allowances $7,330 13,350 114,830 134,910 71,580 12,740 Sales discounts Selling expenses Sales revenue Income tax expense Cost of goods sold Administrative expenses $7,830 99,800 403,200 27,939 202,594 87,720 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Bonita has allocation to noncontrolling interest of $19,880 (a) Total net revenue (b) Net income (c) Income attributable to controlling stockholders 469370 30137 17397

Explanation / Answer

(a) Total Net Revenue :-

Income from Operations :-

Sales revenue

403200

Less:- Sale Discount

-7830

Less: Sales Return & Allowance

-12740

Net Sales

382630

Dividend Revenue

71580

Rent Revenue

7330

Total Net Revenue

461540

(b) Net Income :-

Total Net Revenue

461540

Less:- Expense

COGS

-202594

Selling Exp

-99800

Admn Exp

-87720

Interest Exp

-13350

Income Before Income Tax

58076

Less:-Income Tax

-27939

Net Income

30137

(c) Income Attributable to Controlling Shareholders :-

Net Income

37300

Less:- Net Income attributable to non controlling interests

-19880

Income Attributable to Controlling Shareholders

17420