IFRS 4 Presented below is information related to Veil Company at December 31, 2012, 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 Veil Company controlling shareholders, (d) comprehensive income, and (e) Retained earnings balance at December 31, 2012. (Ignore income taxes.)