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Presented below is information related to Sweet Company at December 31, 2017, the end of its...

Question:

Presented below is information related to Sweet Company at December 31, 2017, the end of its first year of operations.

Sales revenue $308,760
Cost of goods sold 142,980
Selling and administrative expenses 52,600
Gain on sale of plant assets 28,760
Unrealized gain on available-for-sale investments 9,390
Interest expense 5,580
Loss on discontinued operations 11,280
Dividends declared and paid 4,870

Compute the following:

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Income Statement:

In the income statement, the sales revenue and expenses for the period are shown, broken down into sections for operating revenue and expenses and for nonoperating revenues and expenses.

Answer and Explanation:


Sales Revenue $308,760
Cost of Goods Sold 142,980
Gross Profit $165,780
Other Income:
Gain on sale of plant assets 28,760
Selling and...

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Operations of an Income Statement

from Accounting 101: Financial Accounting

Chapter 8 / Lesson 5
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