. Chicken Wings Inc. reported P950,000 net income for the quarter ended September 30, 2020 which included the following after-tax items: • A P600,000 gain realized in May 2020 was allocated equally to the second, third and fourth quarters of 2020. • A P160,000 write-down of inventory of June 30, 2020. • In addition, the entity paid P480,000 on February 1, 2020, for 2020 calendar-year real property tax. Of this amount, P120,000 was allocated to the third quarter of 2020. What is the net income for the quarter ended September 30, 2020?
. Chicken Wings Inc. reported P950,000 net income for the quarter ended September 30, 2020 which included the following after-tax items: • A P600,000 gain realized in May 2020 was allocated equally to the second, third and fourth quarters of 2020. • A P160,000 write-down of inventory of June 30, 2020. • In addition, the entity paid P480,000 on February 1, 2020, for 2020 calendar-year real property tax. Of this amount, P120,000 was allocated to the third quarter of 2020. What is the net income for the quarter ended September 30, 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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30. Chicken Wings Inc. reported P950,000 net income for the quarter ended September 30, 2020 which included the following after-tax items: • A P600,000 gain realized in May 2020 was allocated equally to the second, third and fourth quarters of 2020. • A P160,000 write-down of inventory of June 30, 2020. • In addition, the entity paid P480,000 on February 1, 2020, for 2020 calendar-year real property tax. Of this amount, P120,000 was allocated to the third quarter of 2020. What is the net income for the quarter ended September 30, 2020?
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