Question

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___$

Answer 1

Answer:

The answer will be below

Explanation:

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

b. Net Income=$322,990-$143,460-$49,300+$27,900-$5,590-$12,730=$139,810

c. Comprehensive Income=$9,390

d. Retained Earnings=$139,810-$4,750=$135,060

Answer 2

Answer:

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

Explanation: