Reference no: EM132510708
Question - Calculate Measure of Income
Presented below is related information with Viel Company on December 31, 2017, the end of the first year of operation.
Sales revenue of $310,000
The cost of goods sold is 140,000
Sales and administration costs 50,000
Gain on sale of factory assets of 30,000
Unrealized profits from investments available for sale 10,000
Interest expense of 6,000
Losses due to operations in termination of 12,000
Dividends are announced and paid 5,000
Instructions - Calculate the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance as of December 31, 2017. (Ignore the income tax effect.)