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3 years ago

Presented below is information related to Windsor Company at December 31, 2020, the end of its first year of operations.

Business

1 answer:

iragen [17]3 years ago

5 0

Answer:

(A) $144,960

(B) $109,890

(D) $102,220

Explanation:

(A) The income from operation can be calculated as follows

= Sales - cost of good sold -selling and administrative expenses

= $333,190-$138,130-$50,100

= $144,960

(B) The net income can be calculated as follows

= Sales - gain in sales of plant assets -cost of good sold-selling and administrative expense - interest expenses

= $333,190-28,720-138,130-50,100-6,350

= $109,890

= Net income + unrealized gain on available for sale investment -loss in discontinued operation

= $109,890+ $10,340-$13,060

= $107,170

(D) The retained earnings balance at December 31, 2014 can be calculated as follows

= comprehensive income - Dividend declared and paid

= $107,170 - $4950

= $102,220

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