Presented below are certain account balances of Sage Products Co Rent revenue In

Question

Presented below are certain account balances of Sage Products Co Rent revenue Interest expense Beginning retained earnings Ending retained earnings Dividend revenue Sales returns and allowances $7,170 13,450 114,990 134,490 71,710 12,750 Sales discounts Selling expenses Sales revenue Income tax expense Cost of goods sold Administrative expenses $8,240 99,740 401,100 26,796 166,306 84,010 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Sage has allocation to noncontrolling interest of $20,840 (a) Total net revenue (b) Net income (c) Income attributable to controlling stockholders

Explanation / Answer

(a) Total net revenue

(b) Net income

(c) Income attributable to controlling stockholders

  Consolidated net income $68,688
  Less: Net income attributable to noncontrolling interests $20,840
Net income attributable to shareholders $47,848

Income from Operations: Sales revenue $401,100 Less: Sales discounts $8,240 Sales returns and allowances $12,750 $20,990 Net sales $380,110 Dividend revenue $71,710 Rent revenue $7,170 Total net revenue $458,990

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