Presented below is information related to Viel AG at December 31, 2022, 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 non-trading equity securities ……….. 10,000
Interest expense ………………………………………………………….. 6,000
Loss on discontinued operations ……………………………….. 12,000
Allocation to non-controlling interest ………………………… 40,000
Dividends declared and paid ………………………………………. 5,000
Instructions
Compute the following:
(a) Income from operations,
(b) Net income,
(c) Net income attributable to Viel AG controlling shareholders,
(d) Comprehensive income,
(e) Retained earnings balance at December 31, 2022. Ignore taxes.
