Presented below is information related to Viel Company at December 31, 2017, the end of its first year of operations.
|
Sales revenue |
$310,000 |
|
Cost of goods sold |
140,000 |
|
Selling and administrative expenses |
50,000 |
|
Gain on sale of plant assets |
30,000 |
|
Unrealized gain on available-for-sale investments |
10,000 |
|
Interest expense |
6,000 |
|
Loss on discontinued operations |
12,000 |
|
Dividends declared and paid |
5,000 |
Instructions
Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance at December 31, 2017. (Ignore income tax effects.)
