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

Question

Presented below are certain account balances of Paczki Products Co. Rent revenue $7,230 Sales discounts $7,890 Interest expense 13,350 Selling expenses 99,550 Beginning retained earnings 114,730 Sales revenue 400,190 Ending retained earnings 125,560 Income tax expense 26,350 Dividend revenue 71,910 Cost of goods sold 185,350 Sales returns and allowances 12,900 Administrative expenses 83,710 Allocation to noncontrolling interest 19,948 From the foregoing, compute the following: Total net revenue Net income Dividends declared Income attributable to controlling stockholders

Explanation / Answer

Answer

Income statement

Figures in $

Particulars

Amount

Particulars

Amount

Net Revenues

Sales Revenue

400190

Cost of goods sold

185350

Sales returns and allowances

-12900

Sales Discounts

-7890

379400

Rent Revenue

7230

Administrative Expenses

83710

Selling Expenses

99550

Interest Expense

13350

Dividend Revenue

71910

Income tax expense

26350

Net income

50230

458540

458540

Net income Brought down

50230

Income Attributable to controlling stock holders

Dividend Declared

19452

Transferred to Retained earnings

10830

30282

Allocation to non-controlling Interest

19948

50230

50230

Balance sheet

Figures in $

Liabilities

Amount

Asset

Amount

Retained earnings balance

Opening balance

114730

Addition

10830

125560

Answer

(a) Total Net Revenue : $ 379400

(b) Net Income : $ 50230

(c ) Dividend Declared : $ 19452

(d ) Income attributable to controlling stockholders : $ 30282

Income statement

Figures in $

Particulars

Amount

Particulars

Amount

Net Revenues

Sales Revenue

400190

Cost of goods sold

185350

Sales returns and allowances

-12900

Sales Discounts

-7890

379400

Rent Revenue

7230

Administrative Expenses

83710

Selling Expenses

99550

Interest Expense

13350

Dividend Revenue

71910

Income tax expense

26350

Net income

50230

458540

458540

Net income Brought down

50230

Income Attributable to controlling stock holders

Dividend Declared

19452

Transferred to Retained earnings

10830

30282

Allocation to non-controlling Interest

19948

50230

50230

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