Presented below are certain account balances of Sheridan Products Co. Rent revenue $6,510 Sales discounts $8,390
Interest expense 13,340 Selling expenses 99,470
Beginning retained earnings 114,860 Sales revenue 401,600
Ending retained earnings 134,870 Income tax expense 24,627
Dividend revenue 71,020 Cost of goods sold 174,271
Sales returns and allowances 12,900 Administrative expenses 80,940
Allocation to noncontrolling interest 17,960
From the foregoing, compute the following:
(a) Total net revenue $
(b) Net income $
(c) Dividends declared $
(d) Income attributable to controlling stockholders $

a. $457,840

b. $65,192

c. $45,182

d. $47,232

Explanation:

a. Total net revenue = Sales revenue - sales discount - Sales return and allowances + Rent revenue + Dividend

= $401,600 - $8,390 - $12,900 + $6,510 + $71,020

= $457,840

b. Net income = Total net revenue - Cost of goods sold - Administrative expenses - Selling expenses - Interest expense - Income tax expense

= $457,840 - $174,271 - $80,940 - $99,470 - $13,340 - $24,627

= $65,192

c. Dividends declared

Ending retained earnings = Beginning retained earnings + Net income - Dividend

$134,870 = $114,860 + $65,192 - Dividend

Dividend = $45,182

d. Income attributable to controlling stockholders = Net income - Allocation to non controlling interest

= $65,192 - $17,960

= $47,232

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