Presented below is information related to Coronado Company at December 31, 2017, the end of its first year of operations. Sales revenue $322,990 Cost of goods sold 143,460 Selling and administrative expenses 49,300 Gain on sale of plant assets 27,900 Unrealized gain on available-for-sale investments 9,390 Interest expense 5,590 Loss on discontinued operations 12,730 Dividends declared and paid 4,750 Compute the following:

(a) Income from operations_$

(b) Net income _ $

(c) Comprehensive income_$

(d) Retained earnings balance at December 31, 2017_$

Question

Business

Milo Vaughan

15 January, 11:05

Presented below is information related to Coronado Company at December 31, 2017, the end of its first year of operations. Sales revenue $322,990 Cost of goods sold 143,460 Selling and administrative expenses 49,300 Gain on sale of plant assets 27,900 Unrealized gain on available-for-sale investments 9,390 Interest expense 5,590 Loss on discontinued operations 12,730 Dividends declared and paid 4,750 Compute the following:

(a) Income from operations_$

(b) Net income _ $

(c) Comprehensive income_$

(d) Retained earnings balance at December 31, 2017_$

+1

Answers (1)

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Sherlyn Frank · Answer 1

a) Income from operations = $322,990 - $143,460 - $49,300 = $130,230

b) Net Income = $130,230 + 27,900 - $5,590 - $12,730 = $139,810

c) comprehensive income = $139,810 + $9,390 = $149,200

d) Retained earnings = $149,200 - $4,750 = $144,450